I saw no increase in take home pay after rent and loans, so I decided I was going to have someone else pay my mortgage.

However, I am wondering if there is a better way for me to most tax efficiently convert these liquid assets into a real estate investment--much like how the 1031 Exchange works for real estate to real estate conversions.Also, I may consider dipping into my Fidelity IRA and my 401K to purchase the property (as in, take out a loan from my IRA and/or my 401K).

Your PM should take photos of any issues, cleaning,, repairs,, ect if they gain entry so you have it recorded as to what is condition.. and write up tenant to comply as necessary.Why didn't you respond to the fire call.. or immediately as soon as you found out about it..If a tenant can't keep a clean unit, appliances in good condition. trash out,, whatever,, write them up and get them out if needed.. you don't need grease fires, or damage to you building and you don't need to explain yourself,,If a tenant had a fire like this our usually course of action was notice to vacate.. they would be held responsible for costs related to repair unit,,  I'd go in take photos of everything and if necessary pull the stove for a repair person to inspect before throwing it out.. if the only reason for the fire was food build up then the tenant is responsible,, bill them ,, kick them out.

If you're putting in new furnaces in every unit now you need to install a meter for every unit plus gas piping, plus intake/exhaust flue. 

The best chemical to use is sodium hypochlorite.

For example your grandparents passing away with the asset will be a good tax answer but it could be a bad financial answer if they are in care centers and rack up $800k in debt which encumbers the land.1st priority is likely retaining the land, debt free if possible.2nd family operating goals3rd may be tax goals as you may not have any issue until you sell it.4th may be easy of transfer but in taking care of priority number 1 you may find your best bet is to gift the asset away or put it into a trust eliminating this issue. 

I plan on continuing to listen to the podcasts and reading the blog (in my RSS reader); however, I'm a firm believer in taking action, even the smallest steps.Is there anything I can do to build a solid foundation for my real estate business over the next 18-24 months besides make a purchase?

Scott's talk was super informative, and was the tipping point for me in taking the plunge to rehab one of our long term rentals and turn it into a STR.

operates north of the city and this property is out of scope for them.Does anyone have a recommendation for a property manager that does a great job and that might be interested in taking on this property?

@David Park I would be interested in taking a look at that map if you wouldn't mind.