This includes understanding your budget, securing financing if needed, and determining what you can comfortably afford.Research is key.

Understand true costs to maintain a home2.

I'm much more willing to let control go if there's no debt involved. 

Probably 90% of sub to / seller financed transactions involve purchase price ABOVE what an investor would pay having to obtain new institutional financing or paying cash.  

If not, even though you are a re pro, losses are passive & deductions are limited.There are 7 scenarios that will qualify as material, and you only need to meet one:*500 hours*Substantially all participation*> 100 hrs and at least 1/2*Significant participation*5/10 years*Personal service activity w participation in last 3 years*Continuous participationTo materially participate, you must be involved in the operations of the activity on a regular, continuous, and substantial basis.Once you pass the pro test, the material participation often comes along for the ride.You can elect to aggregate all rental real estate for purposes of measuring material participation under Sec. 1.469-9(g).Your time spent on all your rental properties (STRs don't qualify) counts as one activity, making it easier to materially participate.In order to make a strong case with your CPA and the IRS you need to document your hours.Best practice is an hours log where you are as specific as possible.

A resolution might involve a refinance or buyout agreement to remove her from the mortgage, aligning ownership and liability.This post does not create a CPA-Client relationship.

The key to real estate investing is understanding the IDEAL mindset—Income, Depreciation, Equity, Appreciation, and Leverage.

This could involve adding new information (e.g., embedding a link to a ski shuttle schedule) or setting expectations (e.g., noting that there’s no A/C, which is an rare amenity in our climate anyway).

Don’t be involved with those properties in ANY other way (management, lending, repairs, etc.) 

I think it's very tough for new people to understand the real cost of renovating an apartment, house or building.