Could not find much online so figured I would turn to BP.

Check out other online guides available here: https://www.biggerpockets.com/guides3.

Proper documentation ensures you’re prepared to substantiate your claims.Federal REP or STR material participation allows you to deduct rental losses against active income, significantly reducing your tax liability.

Capitalize renovation costs to increase the property’s basis and reduce future taxable gains.

This may be because (1) until recently interest rates were trending lower so if the lender is getting a higher rate on subject note than he can obtain on new note there’s no monetary incentive to call the note (2) in the past technology did not exist to identify the property transfers (ten years ago county recording docs were not online) and (3) the lenders rather collect payments than own property.  

Some programs will do the full LTV that a long term rental would have and some lenders will reduce the LTV by 5%.

Is there a way to reduce the amount of hours so you have more time for other activities?

After selling one and using a 1031 exchange to buy a fourplex in Chicago, he reduced his interest burden by 20% while boosting his net incomes by $1,500 per month.

Hi all,I am new to the online community but have been listening to bigger pockets podcasts for years.

My recommendation would be to get approved as a Landlord, contact the director's office and request that an inspection be completed before a tenant is selected (sometimes they will do this as long as you select a tenant within 14 days - which you want anyways), and have an online application and screening resource in place.