It’s a balancing act of controlling costs while also controlling risk of personal injury to your tenants and property visitors as well as maintaining goodwill with all involved at the properties. 

Continually communicate clearly with all parties involved to make sure that expectations are as close to realistic timelines as possible.

You will probably have more of them here than most places so ask them what was involved and how long it took.

I would tend to agree with the other CPAs typically.The 500-hour test is one of seven material participation tests used by the IRS to determine if a taxpayer is actively involved in a trade, business, or rental activity. 

Decide how involved in real estate you want to be.

I was involved in two small infill developments in Michigan (about 15 houses in total) so two very small parcels. 

Overall, while multifamily properties can be lucrative, they require careful consideration of the financial and operational challenges involved.

.- Property purchased in July 2024- Rehab not complete, and I got a local person involved who meets them on site weekly as my representative on ground- Due to his observation, we discovered foundation issues that need correction.

However, in emergencies or cases involving health and safety, we would attempt to contact the owner first and, if unsuccessful, proceed with the repair as outlined in the contract.Regarding the hot water heater, do you know if it genuinely needed to be replaced?

In the Bigger Pockets free book, "Real Estate Rewind", as one of the 11 co-authors I wrote about one such Tax Sale purchase and made money but not enough money to warrant the risk involved.