Purchased for personal use but due mitigating circumstances I’m thinking on selling.. been in it for about 3 months and purchased with a conventional loan

First, it’s important to know that in certain (limited) circumstances, you may not have to report this income at all.

I have been genuinely interested in real estate investing since I was a youngster but my life circumstances(some out of my control and some, not so much) never afforded me the opportunity to make the jump. 

I would like to get a property that requires little to no repairs upfront and that can be sold easily at a later date if my circumstances or investment strategy were to change. 

Depending on the circumstances, they’ll pay the rent until it is rerented.

What we are saying is that the advertised facts of an unreliable tenant, plus a quit claim deed, plus an incredibly low asking price, all sum up to be a questionable set of circumstances that raise a lot of red flags for investors.

While the net income ends up the same it seems like it could cause some unforeseen issues. 

@Sanjay Gupta first, under no circumstances use that lender for investment property lending. 

The chances that an owner/agent to accepts a delayed option period is slim unless there are extenuating circumstances. 

Whether a promise with respect to the use of the land is real (runs with the land) as compared with personal depends upon the intent of the parties and the promise, to be determined in light of the circumstances.