Your starting depreciable basis should have been the LOWER of what you paid or the FMV in 2010 when you converted it to a condo. 

I'm analyzing a mountain/lake town about 4-6 hours out from 3-4 fast growing cities.

If you're going to start in a market you're eventually going to live in, I think that's a stronger case for that market."

You could also consider an open house showing. 2-3 hours on a weekend may allow a number of the people who have called and are interested in the property, to come in and all have a look as their time allows.

However we did not start deploying capital into Milwaukee until we had all of the necessary connections to get started.

As I reside in Palm Bay, Florida, approximately three hours away from the property in Jacksonville, Florida, I'd be forever grateful for any recommendations for local professionals who can bring my vision to life.

Line Item Fee Collected Rents 10% of All Collected Rents New Tenant Search & Onboarding $500 Business Hour Service Calls $80/hour + Materials Cost + Tax After Hour Service Calls $110/hour + Materials Cost + Tax HVAC Cleaning & InspectionGutter CleaningSpring/Fall Exterior CleanupSeasonal Mowing & Weed TrimmingSeasonal Snow PlowingGeneral Contractor Vendor Cost + 10% Oversight Fee

When starting out it’s a pretty good deal for someone lend you all the money and you give them 50% of the profits.

Spend more than half of your total working hours in an RE business in which you materially participate.2.

A few hours?