@Greg Scott thanks for the mention:)@Usman Khan welcome to the "fun" of S8, where you can rarely get ahold of anyone at a Housing Commission office:( THey are all overworked and underpaid.Reference this for your S8 training and maintenance:https://dhcmi.org/sites/default/files/upload/LandlordGuideBo...

Listen to Brandon Turner's podcast where someone he interviewed shared how this made a HUGE increase on her income: https://open.spotify.com/episode/1bS4eL80KL1rWY4vyCMjXh?

Hard to do in the beginning but that's where I feel comfortable. 

3) Is there an official IRS form where these hours are documented, or would an excel file suffice ?

Some of the best investments can be found in neighborhoods where you may not want to live, but the numbers support it! 

I encourage you to interview property managers to determine what their approach looks like when managing properties for an investor who does not reside in the market where the property is located. 

There will be a point, unique to every investor, where you need to take action and jump in.

I put my money where my mouth is and I am also buying properties in localities where I am selling to my investor clients. 

A FHA 203k Loan is where the purchase price and rehab costs are rolled into a single loan.The downside of using FHA or a FHA 203k is you will need to live there, for a minimum of one year (to satisfy FHA Requirements); AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC.

However, purchasing the replacement property from an estate where your mother-in-law is the executor and other heirs are your wife's aunts and cousins raises potential related-party concerns under Section 1031(f).The IRS generally prohibits 1031 exchanges between related parties unless both the buyer and seller hold their respective properties for at least two years after the exchange.To stay compliant and avoid disqualification, ensure:The estate sells the property directly before any distributions to heirs.You hold the replacement property for at least two years.The transaction is conducted at fair market value with no prearranged agreements.Given the IRS scrutiny of related-party 1031 exchanges, consult a qualified CPA or 1031 exchange accommodator to structure the deal properly and avoid potential capital gains tax liabilities.This post does not create a CPA-Client relationship.