You can read more about it at www.IRS.gov Pub 598. 

Quote from @Eric Mcginn: Long time BRRRer here, planning on leaving my W2 soon to pursue flips (and raise my babies)   Ive read the BP book on flipping.

I have little over 100k in an IRA from previous employer.

I also read in real estate by the numbers that it's risky to bet on market appreciation.

It's worth reaching out to Corporate Housing Groups (most HR Departments at large employers have this division as well as Relocation Companies that you can find via an internet search) to offer your property as a 30-day furnished rental.

Thanks,BrackenI recommend you read this article on OOS investing.

QuickBooks Self-Employed has a receipt scanner feature and organizes expenses by property or investment type.

It reads as follows in case some attorney says you're wrong...Sec. 1101.0045.

Thank you in advance for anyone that can shed some light on this or point me in the direction of good materials to read!

If you haven't read "The E-Myth Revisited" by Michael Gerber, I highly recommend it.