Hiring unlicensed and uninsured contractors is considered  an exclusion under most property insurance policies, meaning you could be giving up that benefit as well.

But for years I was just working hard without seeing any benefit and I had to keep going even though there was no light at the end of the tunnel.  

My strategy is to hold it long-term, leveraging the steady rental income while benefiting from potential appreciation.

.- Depends on what you're doing specifically, but usually I'd recommend getting an EIN at least to give access to business bank accounts- Repeating #1, if you're going to a property and 100% of your time is spent doing renovations and the like, sure, but if any of it is for personal benefit, that'd be disallowed.

It will familiarize you with the basic terminology and benefits.

I really wanted to pursue this not so much for the financial benefit but for the learning experience.

We are starting to get a clearer picture of the benefits and burdens of having an investment property, but we are still very new to this. 

The other benefits I see are debt paydown (done by tenants) and tax deductions.

They are usurping your property for the benefit of the public.

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.