Louis and I find that some of these distressed properties have changed hands numerous times from various llc's and owe thousands of back tax dollars.

I offered to take it off his hands and save him the tax foreclosure.

I was looking at some numbers last night and it does make sense to use leverage and the fact that if I do run into issues I will have cash in hand still to deal with it.

If you acquired a property with tenants, make sure you have an estoppel agreement on hand.

My finances aren’t amazing so I haven’t been serious about investing to this point but the more I think about the time I’m loosing, the more I understand I need to work hands on with flippers and especially investors who hold.

On the other hand, if your intention was to hold it for a little bit AFTER it was fixed, waiting for an opportunity to sell at the right price, then you might be able to argue capital gains. 

Would you recommend having a certain amount of capital on hand before attempting?

I have a decade of domain expertise serving this demographic and have first hand knowledge of how profitable it can be if done correctly. 

Some six and seven figure earners just won't need a small rental property that is cash flow positive, but hands on. 

I understand it isn't as easy as just asking someone to hold my hand and show me the way.