• Lastly, when negotiating seller held financing,we can negotiate the ability to substitutecollateral (move the mortgage to anotherproperty) or subordinate the mortgage so thatyou can borrow on the property and the sellernote remains in second position.

and you must make sure you have the right to file it otherwise you can be held liable 

I wouldn't invest in any privately held, illiquid assets like (2) (I would NEVER invest in a non-traded REIT!) 

I've had properties that I intended to be a quick flip that ended up with good tenants so I held on to them for at least a year for tax purposes. 

I don’t like qualified plans as they lock up your money.I still like index funds held in a brokerage account and I like HSAs as they offer triple tax benefits.Rental properties and whole life cash value insurance work well together.

One just need read the law for a very easy understandingThe preceding sentence shall not apply to any foreign taxes described in subsection (a)(3) or to any taxes described in paragraph (1) and (2) of subsection (a) which are paid or accrued in carrying on a trade or business or an activity described in section 212.And then the reference from the above law to IRS Code 212(1) It has been paid or incurred by the taxpayer during the taxable year (i) for the production or collection of income which, if and when realized, will be required to be included in income for Federal income tax purposes, or (ii) for the management, conservation, or maintenance of property held for the production of such income, or (iii) in connection with the determination, collection, or refund of any tax; and(2) It is an ordinary and necessary expense for any of the purposes stated in subparagraph (1) of this paragraph.And for even simplified version, just look at the IRS guidance on the subject...What Deductions Can I Take as an Owner of Rental Property?

Then I heard about an auction at this condo complex, held on site, where it was sold to the highest bidder for $8K.

Our lease does state that if they fail to notify us of things needing maintenance and repair within a prompt manner they can be held financially responsible and We do require they carry renters insurance so I am wondering if it is something renters insurance would cover? 

By the same token, If the hunting season is short and the winter is long in the Yampa Valley does that mean that a property you put into Cabellas Preferred hunting lease program isn't being held for investment when the Elk are in Utah and snow is on the ground - nope, that's still being held for productive use awaiting the next season.It's the same as any agricultural land. 

Don't take the sellers word on the amount of the rent or the held deposit.