It’s not limited to rentals, but since your parents-in-law's home is a primary residence and not a rental, it wouldn’t qualify for a 1031 exchange right now.

To get started, continue learning through podcasts like the BiggerPockets Real Estate Podcast and books like "The Book on Rental Property Investing" and "Set for Life."

That's why I'm focusing on education first; I want to set a strong foundation before making my first deal.Apologies in advance-I'll be asking too many questions, just to warn you-but I really feel delighted to be aboard, learning from each and every one of you and subsequently sharing my own successes.

Are you both friends and have unique skill sets and are breaking up the duties of investing based on those skills?

The court uploads its docket ussually days ahead of when the doc is recorded and uploaded to the clerk/recorders office.PAy attention to what they are charging once you go over your free limit for whatever account you pay for.

But, you'll need to get with an REI-savvy bookkeeper/firm to help you set it up since it's not an REI-specific software.

Under the PAL limitation, only passive losses can offset passive income.

You'll typically need to set up your account and get familiar with the process of working with the local housing authority.

If you have a road maintained by the HOA then set aside for that in reserves. 

Do you have money set aside?