I warn people over and over and over to know what they are buying and to go personally see what they are buying. 

True, converting a personal Schedule E to a partnership will indeed reduce your IRS audit chances, statistically speaking.

I personally will try to avoid buying a home under 1000 square feet again.

For my own personal goal reasons, I am going to still with searching for a lender who will be open to it.

I personally do not have experience managing rentals.

- Loss of historical data (for both IRS audits and for personal portfolio tracking.)You should be able to print the general ledger and Balance sheet / income statement for each period.

Another benefit is it is much easier to diversify into multiple markets, asset classes and operators.Just wanted to share an alternative - often active investing is the way to go, but it really depends on the person and it is important to know that there are passive ways to accomplish your financial goals.Good luck!

Hey @Logan Barwick, I personally like option 1, but this depends on what your strategy is to grow your real estate portfolio.

The Landlord will verify that the rental is empty of all personal belongings and trash and that there is no damage beyond ordinary wear and tear. 

Ask your employer if you can have your pay split up into three deposits, one to investments savings, one to your checking account for personal use on a daily basis, and one to an emergency account you can tap into so you don't have to tap into your investment savings.