There are also limitations of how much total loss from RE you can take against your W2 unless you are a RE Professional.

Even though I know you’re writing tongue-in-cheek, @Scott Trench, I think it’s a great idea.

My problem is that I am unsure of what to write. 

Being the experienced PM that you are and professionally screen your tenants on your future rbr HH, I think that you will be able to debunk (not sure if that is a word) all of the common rbr misconceptions.When Acorn decides to take on rbr pm, lets connect!

You can use this tool to estimate future property taxes: https://treas-secure.state.mi.us/ptestimator/ptestimator.asp

Validate zoning, potential special or use variance, future zoning map, neighboring zoning.  

Document all of what you do if you are going to get it done for them, and/or if you cut them a check then make sure it is in writing that it was all done and they cannot come back to you at a later date asking for more money/mitigation.  

After this first project, I'll have a better vision for the future.

I have recently started writing down addresses of run down or abandoned properties that I would like to purchase, but I only have the owner's name.

Both of your invest strategies above I don’t consider as RE investment.