Quote from @Catie Fihn: What kind of insurance does everyone carry on their rentals?  

Negotiate Seller Concessions or Carryback FinancingIf the seller is motivated (property has been sitting 4+ months), explore seller carryback for some or all of the gap.Example: Seller carries a $40K second at low interest (or even interest-only), allowing you to minimize the size of any outside second loan Seller carrybacks don’t count toward your DTI and can be creatively structured.2.

With that being said, the condo association covers the building insurance, internet, water, trash, security, tv, amenities and many other expenses that you would typically carry on your own if you own a single family home. 

Above that, the losses carry forward unless you qualify as a Real Estate Professional or use the STR loophole (which doesn't apply here unless you're short-term renting).If you need help maximizing your deductions, structuring a bookkeeping system, or appealing taxes, consider reaching out to a real estate-focused CPA.This post does not create a CPA-Client relationship.

Wire fraud CARRIES A PENALTY OF UP TO 20 YEARS IN PRISON AND A FINE OF UP TO $250,000, while filing a FALSE TAX RETURN CARRIES A PENALTY OF UP TO THREE YEARS IN PRISON AND A FINE UP TO $100,000. 

So, why do investment properties carry a higher interest rate than primary homes?  

However, I understand that receiving the property as a gift may carry tax implications, particularly regarding the cost basis, which could result in a higher capital gains tax burden if I sell the property in the future.Given my limited experience, I’m looking to fully understand the legal, financial, and tax implications of each approach so I can move forward with the best possible strategy.

The generalized slang of "buy under market value" is a short form way of saying "buy at a price that affords correct margin to effect what repairs and problem solving is necessary with an appropriate profit margin and carried costs to make it a net profitable venture". 

Even small cracks around trim, baseboards, electrical outlets, or drywall seams can carry sound surprisingly effectively.

Now the home sits for 3 extra months.Here’s what that really costs you:· $8,250 in added interest (on a $300K loan at 11%)· 3 more months of trapped capital (can't reinvest)· 3 more months of market risk (rates rise, values drop)What you saved on staging or strategy, you’re now paying in carry cost and missed momentum.