For plans that will pay off later, get into house hacking, save money for a first payment, meet people in local real estate groups and find a mentor, and put money into things that earn without much work like stock index funds or ETFs.

I have under the table work that pays great, but it is more less temporary.

If and when the closing date specified if 4/1/24 comes and goes and the buyer doesn’t pay or show up, is the contract then null and void?

This minimizes the income tax you pay not only within the first year, but future years until your income exceeds total renovation expenses.

If you were to rent it - right now maybe $2500/month - does that pay for your expenses + profit? 

Is there any way of having that property owned by an out of state LLC and not paying the franchise tax for just one property? 

You can always refinance and get the equity out without paying taxes on the money if that's what you want. 

Renovations often uncover hidden issues, and having extra funds can prevent financial strain.Remodeling Tips:1.

For example, I know in Baltimore, people do this with the city rowhomes allll the time (convert basements into extra living space).

The tenants pay one application fee and can use that same application for as many rentals as they want for up to 30 days.