It is unfortunate that so many low income people have this house as their largest asset and have zero clue what's it worth and tend to make bad decisions when faced with their greatest financial challenge.

There a great many benefits when investing near the university- its the largest employer in Cincinnati, student population growing 6%/yr, I've had 0 vacancy, it's just 2 mi from over the rhine(think silver lake) and downtown, it presents cash flowing deals while well in the path of appreciation, and every major hospital in the city is within 1mi.

The eligibility matrix shows a distinction between 1, 2 and 3-4 units right?  

They would then report that information back to Equifax.Experian is the newest credit bureau, buying out the famous TRW Information Services, which was the largest credit bureau at the time.

The key is that each tax payer purchase at least as much investment real estate as they sell.However you configure the sales (and each sale is a separate distinct exchange) does not matter as long as you take title to at least as much real estate as you sold in order to defer all tax.  

I am a top agent with JB Goodwin Realtors, 2nd largest firm in Central Texas and 95% of my business is investors as I focus on being an Investment Realtor.  

I realize many people have their properties set up as a distinct/separate entities, LLCs, etc.

(adult being an important distinction, I didn't get allowance when I was a kid, ugh) I'm thinking what I can do is let my sister list it, have her figure out what market value is so I don't have any family battles over fair value and her time renovating it.

For you first larger multi-family property, I would focus on areas that have proved to have rent stability, overall low capital improvement requirements, and a record of property appreciation over simply going for a property that gives you the largest forecast returns.  

Houston is the 4th largest city in the US for a reason...jobs...and jobs are not going to go anywhere until alternative fuels have been found!