I consider myself to be a 'out of the box' strategist that is continuously looking into different business venture.  

Deegan and @Arda Bircan There are technically 7 Tests for Material Participation (but 3 that are most common) -> the individual 500 hour mark, that the activity of the individual is substantially all, and that the individual participates more than 100 hours + no-one else spends more time than them.Litmus Test: Are your hours integral to the operationsThe hours that qualify must be substantially all hours and have a legitimate impact on the rental activities.Activities that generally count: showing the property for rent, taking tenant applications & screening tenants, preparing & negotiating leases, cleaning & preparing the units for rent, repairs, and improvements, managing the construction, purchasing supplies & materials, inspecting the property, responding to tenant complaints & inquiries, collecting & depositing rents, evicting tenants, writing & placing advertisements, and working on your websiteActivities that don't count: education & research, investor-type activities, and travel time..

And pray they don’t steal everything one the way out. 4) Be aware you probably can never kick them out if they keep paying (at least not without 3-6 months of cash relocation fees.) so be prepared for this to be a rental until they decide to move out, not you decide to stop doing it. 5) PLEASE sell.

I just want to be as prepared and more before I am able to dive into this path. 

Understand Closing Costs: Be prepared for closing costs, which can be 2-5% of the purchase price.7.

This was my first wholesale deal and I’m excited for my next RE ventures.

It's wonderful to hear about your new home and your plans to venture into rental property investing.

Hello, Daniela Merida Taborda, below are a few notes I have about your venture.

Be prepared to end her lease when it is over and find someone reasonable.

My interest in real estate investing started from reading books and listening to podcasts, which got my thinking about exploring house hacking as my first venture.