Hello BP,I'm going to pass the state exam in the next 2-3 weeks.

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

I want to examine the exact loan terms.

So let's examine what your agent said according to you- "Not all permits are on line and buyers can put in themselves without permits FYI but will ask”  Your realtor told you the truth- Any owner of a property may decide to do their own work, whether legal or illegal, without a permit. 

Growing up working with my father who is an investor, he has always done the work himself or acted as the general contractor in a sense I think (hiring an electrician, plumber, etc. separate) so while I have lots of experience in construction, I have never worked with a “general contractor” and so I don’t know how to examine the relationship as I find one in my area.

- married 4 yrs - we have $58k in cash- we owe $77k in student loans (4%)- we both graduate with law degrees in May- we currently live with family until we take the Bar exam in July - both cars are paid off- no kids We aren’t sure where we will get jobs so we are hesitant to purchase RE until we know whether we will be in NV or UT.

That's no assessment of you, that's from personal experience as a professional, examining the DIYed 1065 returns of many prospects who come to me.My firm, as a general rule, now only accepts established 1065 clients if they are coming from another CPA firm and have solid bookkeeping -- P&L, balance sheet, and general ledger. 

A rental property is placed into service on the first date that both of the following occur simultaneously: (1) the rental is advertised, or held out as, available for rent, and (2) the rental is in habitable condition and ready for occupancy.Something to examine with your tax professional.

You should examine the current Landlords agreement with the Property Management company and then decide what to do.

I don't have my license yet, but my courses are complete and am writing the exam in a few weeks.