There are plenty of other issues like hiring the wrong contractor, zoning/permit issues, helping buyers qualify, poor design choices, etc., but the bulk fall somewhere within those three buckets. 

Get pre-qualified for a mortgage around January 2017 (must wait until the same calendar year as purchase, correct?).

I need to build my credit history starting with secured credit cards, work up to unsecured cards over the next few months before trying to qualify for mortgages with US banks later this year.  

Hello- I am having some trouble qualifying for a traditional mortgage.

They will look at your income, debt to income ratio, credit score, savings, etc. and let you know what you qualify for.

So if you move to HI say March of 2017 you could rent the property for two additional years and still qualify for the exemption of sec 121.  

It is a judgement call in which criteria include active participation, passive participation, purpose, etc.In any case, since no general solicitation or advertising was done, the deal probably qualifies for exemption from registration under the private offering exemption, or similar such on the state level.No formal Reg D would be recommended as this is a small transaction.  

If the improvements you have made would make your property qualify as "good" condition, then your only other options are looking at the other two.'

I reside in the area and have done research on the rental rates...and that upstairs unit can fetch $900.As for living in the unit in order to qualify for FHA...that's off the table

@Tajinder Kandola I agree with @Mike Delprete.I'm not sure what a CGA must do to qualify, but in the U.S. it's four years of schooling plus a year of studying for the exam plus a year of experience.