@Jevon Smith If you’re buying residential and want a regular residential loan, there’s no need for a business plan or stuff like thatYou’ll need more then this but in general 30 days pay stubs, 2 years tax returns, bank statements for funds

The current owner of the property had the place quit claimed to him several years ago.

I would keep all of that and then just him a new check via regular mail.Except I'd also add one more line item to the deductions for unnecessarily having to buy a 50 cent stamp, because he was too lazy to pick up the certified mail you'd already sent. 

If you are flipping houses on regular basis, this activity would qualify you for a Truly self-directed Solo 401k plan, which has number of advantages over SDIRA, you then should investigate this route. 

(I)(1) The terms "real estate broker," "real estate salesperson," "foreign real estate dealer," and "foreign real estate salesperson" do not include a person, partnership, association, limited liability company, limited liability partnership, or corporation, or the regular employees thereof, who perform any of the acts or transactions specified or comprehended in division (A) of this section, whether or not for, or with the intention, in expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration:(a) With reference to real estate situated in this state owned by such person, partnership, association, limited liability company, limited liability partnership, or corporation, or acquired on its own account in the regular course of, or as an incident to the management of the property and the investment in it;(b) As receiver or trustee in bankruptcy, as guardian, executor, administrator, trustee, assignee, commissioner, or any person doing the things mentioned in this section, under authority or appointment of, or incident to a proceeding in, any court, or as a bona fide public officer, or as executor, trustee, or other bona fide fiduciary under any trust agreement, deed of trust, will, or other instrument that has been executed in good faith creating a like bona fide fiduciary obligation;(c) As a public officer while performing the officer's official duties;(d) As an attorney at law in the performance of the attorney's duties;(e) As a person who engages in the brokering of the sale of business assets, not including the sale, lease, exchange, or assignment of any interest in real estate;(f) As a person who engages in the sale of manufactured homes as defined in division (C)(4) of section 3781.06 of the Revised Code, or of mobile homes as defined in division (O) of section 4501.01 of the Revised Code, provided the sale does not include the negotiation, sale, lease, exchange, or assignment of any interest in real estate;(g) As a person who engages in the sale of commercial real estate pursuant to the requirements of section 4735.022 of the Revised Code.(2) A person, partnership, association, limited liability company, limited liability partnership, or corporation exempt under division (I)(1)(a) of this section shall be limited by the legal interest in the real estate held by that person or entity to performing any of the acts or transactions specified in or comprehended by division (A) of this section.

Since the date of occupancy could change; So, I’m looking into possibility of vacant or unoccupied insurance coverage to protect our investment with the correct coverage.Living Area:- 3,800 SqFt.Near a lake but looks to be outside FEMA flood zoneARV: $425,000 - $450,000Previous property Hail damage claim (year 2014): $2,600Insurers Replacement costs: $600,000 (Looks high to me)Personal Property costs: $450,000 (Wow!)

I have personally witnessed an engineer and teacher spouse try to claim real estate professional status and fail even though they had significant time... major stumbling block is 1 hour more than 50% of W2 or 1099 hours.

If you were under contract with no contingencies then there could still be a problem, that being said if you had a solid contract and even if you wanted to back out but they then sold the property to someone else you might have a claim yourself. 

There are also other people claiming it's illegal in every sense. 

However you need to check out the offering document for the details and verify what it is claiming.