All comments & thoughts are welcomed?

But by MN lake cabin was probably lower and it was never even thought of as a concern.   

I initially thought it was 39 years, but my CPA believes it is 27.5 years.

My thoughts exactly. 

I approached him with my interest in the topic and he shared some info and also asked if I may want to be a gap lender (or other avenue of lending) for some of his deals.I thought it all sounded good and am now preparing for my first deal with him.I am primarily concerned with my risk in this deal.

Two quick thoughts is partnership, equity style.

(Rental loss = repairs or renovations exceeding rental income) If you are a high earner, you generally want to get advice from a CPA that understands real estate income & taxes, but here's a few thoughts:1.

The fact that these questions are being asked is the only red flag needed (for most people).My thought has always been that it's better to have an vacant house than a nightmare house. 

Both we thought would rent for the same price. 

Thanks for any thoughts.