Based on a quick answer from Perplexity it seems like there would be no issue with you buying the home and collecting passive income, but you may not be allowed to manage it yourself since that is considered active work.

@Christian HwangTo be successful in flipping properties out of state, it's crucial to build a strong team.

And yes, they ARE actively policing it.

I’m looking to connect with those of you who are actively using or interested in the BRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy to scale your rental portfolios.Whether you’re new to BRRR or a seasoned investor, I’m here to discuss best practices, potential local opportunities, and ways we can collaborate to make your investments efficient and profitable.

I will update my reports to federal law enforcement about these activities once I have completed debunking all of his new claims.

NMLS call center said they have no problem with it but it strikes me as odd that the MU4 filing requires you to disclose other 'financial related activity'. 

In my opinion it would be cleaner to split partnership based on monetary contribution and then remunerate each active party for their work if the active work is more on one partner than the other.

I'm actively seeking mentorship from someone with experience in similar markets who can shed more light on this process.

When it comes to real estate, here's a general list of eligible assets and their depreciable lifespans that you should know: Residential Rental Property = 27.5 yearsThis includes any building or structure where 80% or more of its gross rental income is from residential units.That means:- Apartment buildings- Single-family rental homes- Duplexes, triplexes, and quadplexes- Mobile homes (used for residential rental)- Any kind of residential lodging facility where the primary purpose is long-term rentalCommercial Property = 39 yearsThis includes non-residential properties like:-Office buildings-Retail stores and shopping centers-Warehouses-Industrial complexes-Hotels and motels that do not qualify as residential rental propertyLand Improvements = 15 yearsThese include sidewalks, roads, fencing, some landscaping, and parking lots that are separate from the building.Personal Property = 5 or 7 yearsPersonal property used in a rental activity usually has a 5 or 7-year life.This includes most furniture, appliances, carpeting and various machinery.Qualified Improvement Property (QIP) = 15 yearsGenerally, this includes any improvements made to the interior of a non-residential building after the building was placed in service, excluding elevators, enlargements, and the internal structural framework.Computers and Related Peripheral Equipment = 5 yearsVehicles = 5 yearsNote that the land itself is not depreciable.

That way you know they are active in the BP community!