I may get my bank to lend me the money for the improvements as well.Once I have the C of O, it will probably be winter. so I anticipate having to carry. 

I just talked to my account to see if I need to structure the RE business in a particular manner.

I don't have a hard "wealth" number I want to hit, but instead would like to build my business in such a manner that within 10 years I can generate enough income to allow my wife and I more flexibility in our day-jobs to enjoy life with our friends and family.

Carry on...

This is where we bring in Tenant Liability Insurance, which you can force tenants to carry just like renters insurance, but for us, we pay their policy as far of the rent as it's just $9.50 per lease, which gives us $100,000 Legal Liability for damage to Landlord’s property. 

There are all kinds of charts online for beams and how much they carry. 

Then you get longer term permanent financing after the property is stabilized.I do find the idea that the seller is willing to carry back 100%.

Downside is you will have to carry PMI and also live in the property for 14 days or 10% of the time it is rented.

You MUST claim in it 2018...even it at the very minimum it get's carried over as a roll over non-operating loss in 2019. 

Some states require TC's to be licensed and it's obviously a good idea for them to carry E&O insurance whether it's required or not, because as you know anyone involved in a transaction can be sued if things go sideways, whether they did anything wrong or not.