I'm wondering how much specifics I need to include for each line item. 

Mainly the Brokerage is for me just to sell the properties that we fix and flip and save the commission.

Having a main water source available is pretty important and not having it could affect your reviews.

There are two main ways to utilize this exemption.

Really the main challenge is going to be making sure that your wife understands what she needs to do to document her hours and activities.

Now we're seeing investors pouring money into buying Class C rentals - but, many are getting burned.In our experience & opinion, the main determinant of property Class is not location or even property condition, those are #2 and #3.

If she lives rent-free, you retain control of the property but lose the ability to claim rental-related deductions.For long-term planning, consult a CPA and attorney to ensure compliance with tax rules and align ownership structure with your goals, including potential conversion to a rental or estate planning considerations.

 $9k/$72500=12.4% Rate of return (not including any closing costs which would reduce this return).  

Common deductible expenses include mortgage interest, property management fees, repairs, and even travel expenses related to property management.

Even when I self manage I include pm because it is work and I do not work for free.