In California exposed wood ceilings are a plus.

You don't need to be a real estate professional to claim depreciation, only to claim passive losses beyond the threshold that applies to others.Even though I work out of my home, I don't claim a home office deduction, since it seems to be an audit trigger, and I don't want to expose myself to that much hassle.

They also would like the project to be completed in time during a busy buying season like spring.Listing it will fully expose it to the market and give you a greater buyer pool and could result in a higher sales price.

That didn't work out but at least I was exposed to the game.

Otherwise you need to find a tenant with an actual mother-in-law who is willing to pay a premium for the separate space.A large single family home may be great (and fun) with a bunch of roommates, but will be highly exposed to the inevitable market downturn in the coming years.  

I want to start in commercial because that's what I've been exposed to and what I like.

This is especially advisable if the soffits are exposed wood and subjet to decay and continual maintenance.

Here is the list of problems: The front door barely opens, NONE of the doors close correctly, garage door has been replaced but the electrical still needs work, no doorbell, no fire alarms or carbon monoxide alarm, no working outside lights, a severe mice infestation (who have now raided my brand new couch), no insulation in the mudroom because of a door installed incorrectly, which is allowing cold air into the house and raising my heating (propane!)

The question becomes about diversification since holding a smaller number of properties in a single location leave you more exposed to the local market, but that's ultimately a question about your risk tolerance and how well you've done your market research.There are a lot of strategies, and fewer of them that work, but either way you cut it there are a lot of ways to make money with buy and hold.

Working in the industry would expose you to how the deals and/or work gets done.