Thank you so much for your response and your helpful tip, I will definitely narrow down my search for turnkey property.

I have just acquired my first two long term rental properties this year and am looking to take advantage of the tax benefits. How important is it to get with CPA to assist with tax benefits. I have spoke with my paren...

Document the change in your policy and be clear about the new criteria in your advertising or initial responses to interested renters.

Motivation is an emotional response to a circumstance, not the circumstance itself.Although the sensible solution to the circumstance of being in foreclosure let's say, is to sell their house, the reality is that the emotional response to being in such a situation is to find ways to keep their house, not sell it.So ibn order to find motivated SELLERS, you need to first understand what a motivated seller is.A motivated seller is not someone that wants to needs to or even has to sell their house.

I’ve received a number of responses from investors essentially stating that they use a simple buy/rent/hold approach in small residential properties, and have accumulated net worths in the 1 - 3 million $ range starting with just one mortgaged SFR. 

As already mentioned in the responses above, figuring out your break even point (how many months it will take you) will be important for determining whether to move forward with that or not.  

I appreciate your response, Jay.  

Most tax preparers include in their engagement letter that you have ultimate responsibility to what is reported on the return.

I agree with Michael Baum: read all the suggestions here: great info.The general theme is, whether it's your cleaner, your handyman or a responsible neighbor, you need willing and able "boots on the ground", eyes on the property and someone local with both common sense and authority to act on your behalf and/or your instructions.My 2 cents,Mike

For the purpose of this exercise, I would like to start by separating syndications into two categories: (1) smaller capital raises that will only attract the friends and family sized checks because they require too much brain damage for those with the larger check writing capabilities;  and (2) syndications with capital raises large enough to fit within the investment parameters of true private equity/family office check writing capabilities.