If your renovations are minimal, you can start advertising right away.

Furthermore, the report does not indicate any clogging.

My strategy would be to have a property manager do pretty much everything, I'm okay with minimal cashflow because we both have great W2 jobs. 

And while Pennsylvania State Inheritance is typically also not recorded, all 67 Pennsylvania Recorder of Deeds are instructed to collect the tax if there is any indication that the property owner is deceased.

However, knowing the rents were below market did give me a clear indication that there is "upside" in the deal, so overtime I thought the cashflow number would be beneficial.

It doesn't necessarily mean the PM will be great, but it will mean they cared enough to put effort forward and that's a good indicator. 

Start-up costs are also deductible but are amortized over 15 years with a limit of 5k.Start-up costs have strict rules and your case might not be the same as this one.Case Summary:Timeline line of eventsStarted investigating property: FebPut first contract (canceled): MayBought first property: December 30thWhether a taxpayer is engaged in a trade or business is determined using a facts and circumstances test under which courts have focused on the following three factors that indicate the existence of a trade or business:Whether the taxpayer undertook the activity intending to earn a profit;Whether the taxpayer is regularly and actively involved in the activity; andWhether the taxpayer's activity has actually commenced.On the basis investor testimony, we may assume that he undertook this activity to make a profit and that he regularly and actively engaged in it.

The minimal need for renovation and favorable market conditions in the Jasper, GA area made this an attractive opportunity to capitalize on.

It needed minimal work to get it ready so I jumped on it.

It will also indicate who owns them or if there is an easement.