His $43,220 loss was reversed, leaving them with back taxes, penalties, and interest.Lessons Learned:Jackson’s story serves as a cautionary tale for aspiring real estate investors.

Before you call any family service, how about meeting with them and expressing your concerns. 

This vital in today’s environment.This is useful to see if contractors come to work on time and what time they leave.

If they are not happy, they can leave at the end of the lease.  

If they have mattresses on the floor, never hang up their clothes, and leave beer cans all over the place, that's their issue.

<<I could alternatively leave it as an "open" loft, no powder room -so 1 bedroom/1bathroom + loft..... 

At first, you won't be able to offset your W2 income with losses, but it is nice when you sell a property at a profit and all the capital gains are wiped out by losses from other properties.A huge amount of tax savings get unlocked if one of you leaves your W2 job to focus on real estate and you get Real Estate Professional Status (REPS). 

Mostly messaging with guests regarding issues, questions, concerns, as well as coordinating repairs and restocking supplies. 

@Noah SchulzThe previous owners' failure to disclose a back-paying arrangement complicates the situation, potentially leading to tenant disputes or security deposit concerns.

I want to be able to leave something behind for my family!