The best approach is to set clear, written criteria, and then price the property at a rate that gets you enough applicants that you can find a few who meet your criteria reasonably quickly.

For tax purposes, you really just need to have everything aligned to the schedule E categories. 

Hi @Byoung,Nice to meet you!

You are generally correct that there is an annual exclusion for gift taxes that generally passes tax-free (of course, in all situations, exceptions apply and you have to meet all requirements to qualify). 

if so, let's set up quick meeting to see if we're right fitif not, i'll take a referral in SDThanks,Marko

I'm also very open to meeting other investors and to exchanging ideas. 

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

This is a great way to meet other investors and let it be known what you’re looking to purchase.

If you pay more, you won't meet your metrics and will probably have negative cashflow and/or equity.You may have to make 10, 20 or even 100 offers to get one accepted at the price that meets your numbers.This is what all investors did BEFORE the Great Real Estate Crash of 2008-2010.

I live in the Nashville area so if anyone knows of a meet up let me know.