@Abigail KingStarting a first house hack in Peoria, IL involves researching, education, financing options, and management tips.

It is actually a little more involved than that sounded but you should get the point.

If rent is still not received by the tenth of the month, an additional $100 late fee is imposed, PLUS you file on them the same day. 

Note that if you are married filing joint, only the spouse who is qualifying for REPS is able to count their hours.Step 4: Apply the quantitative testsPer Section 469(c)(7)(B), in order to qualify for REPS, you must meet both of the tests below:750-Hour Test: If you materially participate in a real property trade or business, you must spend 750+ hours during the tax year.More Than Half Test: You must spend more than half of your personal service hours in the real property trade or business in which you materially participate.Step 5: Material participation in rental activities Just because you qualify for real estate professional status does not mean that your rental activities are automatically considered non-passive.

It would involve putting an external staircase on the side of the house and making the second bathroom into a full bath.

What did your management contract state about screening prospective tenants and your involvement? 

There are lots more that require a little bit of human interaction and a few more that need full involvement of a person - answering the phone, some AR and AP.

If the properties were placed into service in 2022 or before, you may need to file form 3115 (change in accounting method) to factor in the 'updated' depreciation schedule from the cost segregation study.Best of luck

Depending on the ARV, I think you are better of using your own cash or getting a partner involved to finish the rehab and then cash out refinance with a conventional or DSCR loan.

Self-managing can be a great way to stay directly involved, but it’s also important to consider the demands it can place on your time, resources, and expertise.I'm certain, you have experienced some real frustrations with that PM company, but a strong property management company that can align with your overall needs, can sometimes be a priceless investment when it comes to staying compliant.