Also, most states don't consider an unfinished basement living space - so lead paint issues aren't considered a problem in an unfinished basement. 

One other thing to consider: An expense such as you are considering can't be written off in the year you pay it. 

Based off what they consider an acceptable return will then determine how much you get to participate or pay for the deal. 

In comm. property states, you are allowed to consider an LLC to be a disregarded entity if it is formed by a husband and wife who file a joint return, and only if you indicated that when applying for the EIN/Tax ID.

The new Atlas 14 flood maps make one important change that you might want to consider: an inability to add additional structures to the site.

You may want to consider an unpaid mentor or a paid coach.

When you get to mogul level you may wish to consider an LLC.  

I have a vacation rental already that I don’t really consider an investment since the goal is to spend time with family there.

Definitely consider an option that allows you to achieve all of these steps in one place (ie. keep track of things like rent payments + leases, but it also offers several other tools as well -- the ability for tenants to build a credit score up to 40+ points for on-time rent payments with our CreditBoost feature; which can be enticing for them as they are new student renters); and lastly offers maintenance ticket tracking with automated messaging).

@RJ Dixon you should consider an FHA 203k which allows you to finance the purchase and the renovation budget into one loan with 3.5% down. 1-4 unit properties qualify.