I just want to know if there is an industry standard or convention in this situation for how these things are divided up between the PMC and on-site management.

The IRA funds would not be able to be combined with other personal funds as in your note above. 

I got the current owners (person who is selling me the property) blessing to post the house for rent right now with a move in date of August 1st if I wanted to. 

Would I be able to deduct depreciation against my personal w2 income without having rental income for the year? 

Rent the other side of the duplex to a person you then employ as a full-time (or part-time) nanny.

Tenant also agrees to the following:-All drains, waste pipes, and plumbing are accepted as clear by Tenant at the time of occupancy, and any material blocking them after occupancy shall be repaired at Landlord’s cost, unless determined by repair person that such blockage occurred during the time Tenant controlled the Premises and due to some fault or negligence of Tenant, specifically excluding blockages caused by roots or backups from the street.

They are saying if a person lived on the property for more than 14 days contiguously then their damages can't be considered vandalism.

I have about $300 on my credit cards (just finally paid them off for the most part, and have about $20,000 limit).My cash on hand is relatively light, but what my plan was was to find some single family homes in the north Detroit area (currently anywhere from $40-$60k and put about $15-20k tops into any repairs or fixes (not looking for total rehabs, mostly something I can do some small repairs here and there and paint, personally I am knowledgeable about renovating up until complex electric and plumbing).

I also went to meet Wagner and his team personally at their Orlando office.

Hi Adam,If you hold a license and have been through the purchase process before with other agents, I personally would be open to doing it myself (I am also an agent and have done this very thing).