Without knowing stuff like this, all the answers provided are meaningless. 

Another benefit is it is much easier to diversify into multiple markets, asset classes and operators.Just wanted to share an alternative - often active investing is the way to go, but it really depends on the person and it is important to know that there are passive ways to accomplish your financial goals.Good luck!

Quote from @Iris Wu: @Steve Mitrano, Hi, Steve, do you mind providing an update on what you end of doing in this case?

It might depend on what state the assets are in, and what state the entity structures in.

Hey @Jonathan Sanchez, a lot will depend on your area.If you are buying in a saturated area with lots of competition, then using an aggregator like Pricelabs to help make your pricing accurate is handy.If you are in an area that has less, then simply looking at nearby properties that are similar to yours on VRBO and AirBNB.

I want to go the buy-and-hold route, and I am interested in finding a duplex that will provide a steady cash flow, a high appreciation value and does not need renovations.

Depending on the severity of smoke damage and structural issues, it could be a huge challenge for first time flip.

With the amount of support they provide I am not against settling for an 8/10 deal. 

If you did a cost segregation study on the property in the past, you may have to recapture the depreciation taken in the past.capital gain tax rates are 0, 15 or 20%There is also a potential 3.8% Net Investment Income Tax.Also, don't forget state income taxes depending on what state the property is located or your state of residency.Best of luck!

I will not comment as to the tax laws and underlying rules - that is a discussion you can have with your tax advisor who presumably you are paying to help you.What I will do is provide practical and business guidance on tracking time.Firstly, there are apps available that can assist with time tracking where you can specifically detail your time, who you met with, etc.