Even short term would help, so you can get your feet wet and prove you can run the units effectively.

Yes in theory you can wholesale off the MLS but in today's competitive market it is not a very effective strategy.  

As the property appreciates or rents increase, you can effectively phase yourself out of the property and purchase another, all while keeping the same initial mortgage.Newer investors like this strategy because it allows for a lower down payment versus purchasing a "true" investment property (which usually requires higher down payments). 

If so, that's one less unit worth of rent....but then again, it provides a roof over your head and more cost-effective than rent or owning a 1unit (condo/SFR). 

But when you get ready to buy, you'll pay whatever they ask to the best, most experienced broker in the area to make the transaction successful.

OMG, a long list, @Joshua Thompson.Schedules C with zero income and large expenses, particularly interest, taxes, and repairsFlips reported at gross profit instead of full selling price minus cost of goods soldFlips reported as short-term capital transactions on Schedule DSchedules E with zero income and large expensesSchedules E with repairs several times higher than the rentMissing depreciationLosses from rental properties or K1s not showing up on 1040 (not always a mistake, but often is)All expenses grouped into some $40,000 "miscellaneous business expenses"Missing deduction for use of a business vehiclethere are another 20-30 very common errors and oversights, soon to include the missing 20% QBI deduction.

It'll be a business transaction. 

Mostly cosmetic with cost effective touches to the bathrooms and kitchen to improve aesthetics What was the outcome?

I am an attorney with some real estate brokerage transactions under my belt. 

I think I've found a home where I could employ an effective subject to deal.