This travel expense is not a business expense related to the property you already own until you have identified the next property you want to buy (once identified, costs are added to the basis mentioned above).

Local market knowledge is absolutely critical, and it helps to work with someone who really understands the landscape and its nuances.As others have mentioned, it’s a broad question that’s tough to answer succinctly, but I hope this provides some clarity!

@Bryan - I wonder if the one you mentioned is the same one my husband invested in.

As Michael mentioned you just need to respond to the IRS and state this is what you're doing.

Many benefits to doing so. 2) If you are going to invest outside your area, the one thing I rarely see mentioned here is simply the "investment landscape".

Since the LTV on the hard money loan is high , I would personally purchase it using a bank statement loan at 85% LTV (15 percent down) and, as you mentioned, just use your cash for the rehab.

Pull out a spreadsheet and go through the tools everyone mentions to run some comparables and take note of photos, amenities. 

Someone else mentioned making her an occupant not a tenant.

You also mentioned you started pretty young, I am 18 and just purchased my first college rental, any tips? 

Like I mentioned in my previous post getting a PM who will actually manage your property properly will be very hard.