But yeah, I'm picking up what you're putting down - charge for the planks and labor - HOWEVER those style planks are no longer available, so I am not able to have the work done, apart from replacing the entire floor. 

Depending on the area you are in, this might result in your report being placed in a giant pile labeled ignore that is turned over to the DA's office, or it might actually be investigated and charges filed. 

It may be hard to justify that you need to spend 21 hours a week to self-manage 1 property.If you are not able to claim the full loss on your tax return - you do not lose the loss - it gets suspended and carried forward.

If the reason why @Mike Wilcher Jr was considering the DSCR route is because for some reason he and his wife are not able to qualify for a conventional loan at the current moment, I would say that a DSCR loan in itself is not necessarily a bad idea.

They all ask me this question and I am not able to answer it.

Nothing wrong with Rocket money, but you can access their giant bank accounts for much cheaper by going through a broker instead of calling them directly. you also benefit from the broker's knowledge and experience in the WHOLE loan process, as opposed to retail call centers typically passing you off to a "processor" once they collect your appraisal deposit. 

I am in the process of renting out a home and after looking at fair housing and several other resources I have found that some states may have timelines that need to be followed but I am not able to see one that exists in Virginia.

This will save you from capital gains and make things simpler if he/she is not able to close in two years.

So ironically, we have a giant post now full of comments from well-experienced investors and lenders but very few, if any, from new-ish investors who recently went through this internal conversation before making the leap.

Quote from @Jerryll Noorden: Hi Jerryll, I'm going to "Think outside the box" on this one.You must have a high IQ, which always helps, and you must have certain inborn personality traits that allowed you to co-do both the schooling, and the real estate in an effective manner.That makes you more alone on the IQ tail (others are not able to make decisions as quickly or at all faced with the same information).So outside the box--maybe think about if you had not  (paid for--if you paid for) all of that schooling, and instead had embarked on your real estate business at 19 years of age.Not with the hind site you have now, but the foresight of you as a 19 year old.I am going to guess that you would be in similar financial standings as now, or even better.Although without the college, maybe the trip would not have been as satisfying (math can be fun) and if you enjoyed the prestige of being a Rocket Scientist, then nothing can replace that (you have to jump through their school hoops).