However in more recent years practically all of them have converted to REITs have lost this very valuable tax characterization.So basically you have to find either (1) something that is going to purchase property and try to sell in a year.

@David Perez  good in theory not so good in practice.. both from a seller's side and buyers side.

That is a point of negotiation as the interest to both parties can be different, but a seller who demands that no discount is applied is predatory dealing, no intelligent person lends money without interest or other benefit and asking to do so just isn't accepted practice.

So this is the story. Purchased a house where the tenant was being evicted. It was in fairly good condition as it had been rehabbed a few years ago so aside from the damage by the tenant it looked pretty good. I close...

While I am not practiced at picking out fortuitous real estate trends yet, I am able to track what attracts people to locations and hopefully that will help me get a foothold. 

4) Make a google voice number5) Find a good attorney and make contracts (I don't know what to ask the attorney to add into the contracts to fully protect myself -- I am a licensed agent that doesn't practice) (Also, this sounds expensive, and I was wondering if there is another way I can come up with contracts, or if someone can assist me with creating one)6) Find a good closing agent that is real estate friendly7) Make buyer/seller script (elevator pitch) so you are prepared when talking to them over the phone, or in person when you visit the subject propertyThank you in advance!

When you accept partial payments, eviction laws change.I am not sure if either or both of these clauses have to be in the lease itself, or just in your business practices.

There have been restrictions placed on the practice, including forcing the transactions to be further apart, so that there is no way to use the end buyer's funds for the 1st close.  

Try looking for local deals and at least practice to figure out if they're worth playing, I use Redfin.com, and look for listings at the bottom of the price range.

I'm very knowledgeable in construction costs and construction practices.