Its really about learning what your connections like or perhaps getting a good understanding of the most common ones and having them ready. 

First always seek legal counsel with an attorney:ask them the pros & cons of some of the following:1) Debt: secure a loan against the property you receive interest payments.2) Equity: record an option to buy the property (ex. you have the option to buy the property for $115k for a specified time period.3) Purchase a partial ownership interest, ex. tenant in common ownership of 50% of equity4) combo equity participation loan , you share in the upside equity.

So it would be pretty common for you to wait the one year only to find yourself looking for anther tenant anyways.

Not allowing wet over dry renovations is very common.

You will need to use hard money or a private lender.Obviously each hard money lender is different, but a common loan structure: they will loan you part of the purchase price and loan 100% of rehab.

I receive postcards and mailers from realtors offering 1% on the listing side quite often.I've also had realtors offer to kick me back part of their commission on the buying side as well.So I know this is starting to become a fairly common practice at least in my area.

I recently found out that to defer taxes I not only needed to utilize all the profit but also replace the debt.

Thats more common on the sell side than the buy side.

Not due to your fault, but delays by others; ie utility hookups or change in service, Use and occupancy permits, and the time to get the property up and fully rented. 

There are different types of “audits” of which by far the most common is just a letter asking something or other.