We host investor tours onsite at the property once we've completed some of the major renovations. 

Quote from @David Young: My wife and I are new to this and are saving for our first property our goal is to start looking for properties in November 25, we have a couple questions, would it be wise to invest out of state for our first time investment (we do plan on physically going to see the properties to potentially invest in) ? 

You must have known the property was in arrears, so it becomes your duty to be in contact with the bank through the process.

My property tax is around $350 a year. 

You'd do one schedule E with a business use percentage of 3,300/4,000 or 83% You'd set up depreciation with the full amount of basis, and set business use to 83% The reason two Schedule E may be helpful down the road is if you plan to sell the property. 

He can fight the seller to still buy the property but you are out of the deal and want your money whether he signs cancellation or takes it from his pocket.Key thing is focus on your agreement / contract and your rights.

You can list the property as a "net listing" and take the difference over what the seller is willing to sell for that way. 

I’d like to get my feet wet with a flip or two before transitioning into long-term buy-and-hold properties.

With a short sale, will the lender of the property pay for the commission of the buyers real estate agent?

It was my first property purchase, and ZERO regrets.