Don't use it strictly as a tool to turn the property into one you want to live in. 

Another huge thing to consider is laws and regulations, many times new investors will jump at Hudson county thinking the proximity to NYC is great for renting (which it is) but many of the municipalities in Hudson county have very strict landlord laws. 

Following - I'm based in California 

It is my understanding that gifting a property does nothing to step up basis as the capital gains would follow the gift. 

I missed your response before I sent my follow up to the last user.

Bigger Pockets is a great place for education and networking and is full of great content.I recommend that you check out the following resources:1.

Instead of just addressing the violation, they framed it as wanting to fully understand the requirements because they value the area and are committed to following the guidelines.

It is very easy and doesn't have to be contentious. just follow the steps.

Then the following Friday, the twenty day marker, they are requiring another $25,000 and they are only funding $179,000 of the deal and of the $65,000 in SOW (low bid) only $40,000 will be funded and on a draw. 

The biggest 'danger' I've experienced in the coaching space was coaches who took the cash and wanted me to follow 'their' program rather than coaching me where I am to get where I wanted to go.