It is key to be very precise on what these fees are and how they play into your projections.

When a gain or loss from a partnership (that only conducts rental real estate activity) flows down from a K-1 to Form 8582 (Passive Activity Loss Limitations) on a personal return, is that gain or loss recorded in Part I, #1a or b (Rental Real Estate Activities With Active Participation, assuming there was material participation in the activity) or is it always recorded in Part I, #3a or b (All Other Passive Activities)?

Would it be smart to take over the property,do all the minor repairs myself to make it liveable for a tenant and get the ball rolling on rent and save up capex to do bigger repairs later? 

It's unbelievable how poorly some people treat their investments.Also- I wouldn't low ball too much without more evidence of a major issue.

I learned so much valuable information and I am ready to get the ball rolling for my first house-hack. 

But I'm just crystal-ballin' so believe your own crystal balls on that.The Oregon Coast for investments only really makes sense for people who just have the dream of owning real estate on the Oregon Coast and hope to maybe break even on cash flow after a few years of ownership, and there are plenty of people interested in that.

Purchased various sheriff auctions, short sale, and just low balling.

The investment game is all just math—if you do the math well (which includes accounting for the unexpected by low-balling your estimates) then your investment decisions don't have to be stressful emotional ones, they're just decisions that are either smart or not smart after you break them down on a calculator.Which extends to the last point that I've come to believe completely—your rental portfolio is a business.

Good enough to throw a ball for a dog. but not much else. 

There are 4 goals for me on that initial call:1) Identify motivation2) Build rapport3) Understand extent of repairs4) Get a priceAfter gathering this info, I will do a quick analysis and get back to them with my ball park price.