if my wife is paid 30% of collected rents to manage the property it will reduce my Schedule E profit.

You will want an attorney and try and get it through federal court as district court will take 3+years (if you are near the city expect 5 years then several years to evict)Through federal court you may be able to get it done in 2-3 years.I strongly recommend you offer a nice cash for keys package.

Good chance some of them might even know a broker who is available or willing to do it.

They would be willing to open a HELOC for me to help fund BRRRR.

Hello,Is there anyone that can help with a creative finance deal that involves seller who will carry FHA loan and title transfer to land/grantor trust? 

Also willing to check on progress of renovations or give you a second opinion on any home inspection or help you find the subcontractors you need to get things done.

I am not even close to a CPA, though, and they will be able to give the exact answer you need.

It will look attractive based off the numbers but its hard to believe unless you see these neighborhoods.

At this point, you will need to look into other strategies to be allowed to reduce your W-2 income with excess rental losses.

@Kyle Rucker- thanks ....you will have a tough time locating a 2nd loan for  180K +  ....Ask the realtor you are working with for options ...Make sure that the lender holding the FHA loan will be able to approve your assumption  request  ( this can be a long drawn out step ) .....if you do find a 2nd mtg - compare the fha loan and 2nd mtg  to a  simple new FHA or conventional loan as there may not be a large difference