Two I often see discussed in these forums is 1% rule and the BRRRR method where 100% recoup of down payment funds and closing costs are the end goal and if one or both of these boxes aren’t checked the property is not considered.

I reviewed Form 8824 and after much research I generally feel comfortable completing the form as well as how to depreciate the carryover basis and additional (or excess) basis using either of the two allowable methods (general and simplified methods).  

I want to invest in real estate by using the BRRRR method.

The house in question is located in West Milford, NJ and is a 1963 3 bed 2 bath split level on a pretty level .25 acre lot right outside of town center with natural gas but septic, well, etc.

So lucky for you partnerships dont actually need to be filed with the state, they can even be oral in nature.

Lindsey, you’re right there is a lot involved with house hacking out of state and I’ll be circling back to that particular method in the near future.

I had hoped that the natural draw of Disney etc would work in my favor but there's just too much inventory.

Typical assumption is that security deposit would 100% go to cover property damages - that's the whole nature of the deposit IMO. 

Better than Airdna use the Enemy Method. 

@Philip Muka have you explored/researched the "asset island" method?