To complicate things 1) he has no vehicle.

I am new to BP so I apologize ahead of time if I ask a question that’s already been discussed.

Whether you are brand new like me, middle of the road finding your way in the business and looking to make more contacts, an expert looking to pass on your horizon of knowledge to somebody eager to learn it, or anything in between, go ahead and CONNECT!

The investing vehicles differ from person to person.

Those that don't stay ahead of the curve will be left behind.I'd be more concerned about the various factors playing into home ownership trends if your investment vehicle is SFH - such as home ownership among millennials, aging population, consumer and student debt, etc. 

I would also pull a HELOC to go ahead and use as a down payment on a new property to live in. 

I had no debt besides minimal debt for a vehicle and twice as much saved a few years ago, but with buying the first home we spent a good deal.

Once you find a PM you like (and go ahead and ask to see the contract you'd be signing before you pull the trigger) you can just do the math of their fees vs how often you'd pay them and tack that onto their annual fee to get a realistic idea of that expense.

This means the initial interview is perhaps your most important interview in this audit.You need to get your proof of material participation time in good order and technically correct before your first audit interview.You should have a record of the time you spent on this activity.Your record of time spent should be made on a timely basis (kept at least weekly).As you do for the mileage record on your vehicle, you can keep a test record for three months in a row if that record reflects the average time spent during the year.In the initial interview, the IRS is going to scrutinize your travel time to ensure that the primary purpose of your travel is business.

Of course it could be worthwhile to agree to a sale for a 10-15% premium....too much more than that and it may be more cost effective to force a sale, but if you don't get greedy you could come out ahead without dealing with too much of the other headaches.