Thank you, @Saberian YoungerSounds like good advice for someone starting out.I guess I'm specifically curious about how my wife and I together would file if we are both active in the business.

My CPA has instructed me that the auto expenses (at least the proportion used for rental activities), overhead such as office supplies, software, tax preparation, and other items which occur to operate the rental properties (AS A WHOLE) are expensable on Schedule E relative to the activity (e.g. based on number of units per property) by "cost accounting or cost allocation".

@Spencer StevensTravel expenses for rental properties are deductible, but there are caveats.Save all of your receipts and keep a log of the business activity that was done during the travel. 

@Michele G.While I recommend NKY properties to my clients there is a lot of activity there and deals are harder to come by due to the smaller footprint compared to just north of the border in Cincinnati.  

There are many promoters of TK properties (many of them active on BP) who do not live and work in those areas. 

Looking forward to becoming an active member on this site! 

Nathan, Those all are amazing ideas on how to get access to deals before they hit the public, definitely going to find a well seasoned realtor who is investor friendly and start being active in finding deals.David, Thank you for reminding me that investing is gonna take some patience and that I need to make the deal work for me.

I'm very early on, NOT actually engaged in searching for the a building today.My COH will be $500-800K, I want to be totally involved with every aspect of the transaction, the ownership.I will create a high-quality place to live, a destination to be desired.In your opinion:What are the questions I should be asking?

I have been actively searching for a fourplex to househack.

The past is the past.I would also point out two things based on your comments that may indicate why you chose to go in a different direction.  1) The use of a self-directed IRA custodian - where they have to sign every document and cut every check - is not well suited for a portfolio that involves a lot of assets or assets that create a lot of transaction activity.