Folks appreciate enthusiasm and genuine curiosity.A friend of mine, Alex, felt the same hesitation but decided to give it a shot.

However, I have received an offer on my property from a very good and trustworthy friend that I have agreed to accept.

@Brian Scott, first I want to know who these friends are.  

There are budget-friendly self-management sites that make setting up applications and collecting rent simple and again, you can pocket that 12%.

I may us a "friend" that has an LLC, but will not create one just to be the trustee.

@Elizabeth Colegrove I actually had your podcast recommened by another friend and BP member on Friday.

They can live in the unit, stay at a friends or family members, or rent a hotel themselves.

It is typically your primary job.The 40 hr/week W-2 worker is going to have a hard time convincing an IRS agent they are meeting this threshold.STR loophole is a better path for my friends in this category.Once you finally cross the pro hurdle, you're not done!

There is zero income on the property right now because the current owners were using it for personal use and/or letting friends and relatives use the storage units and the metal building (for an auto dealership).  

@Timothy Blackman- thanks  ...get some referrals for lenders from friends / co workers ...contact them all on the same day with the same criteria and ask them any questions you have and  ask for some scenarios ...compare the  feedback and service they provide ...pick one lender to get pre approved with ,,once you have a property - contact all lenders again for pricing options for the actual loan you will need ...hopefully the lender you chose for pre approval will be competitive in their pricing ..good luck