https://www.biggerpockets.com/forums/51-tax-legal-issues-con...

Common examples: Is there a maintenance charge with every call/issue? 

I am not trying to 'work the system' but I would like to know what is common/typical to do and what are some write-offs that draw questions/red flags.

The issue is that if I choose to invest in LTRs not in Coastal Carolina, I lose the ability to monitor and check in on the property without a very long commute.

I am not sure how you are intending to manage, but beware the local labor pool is not the greatest and I think you may have some issues finding either decent management or finding decent workers if you intend to self manage. 

One of the most common struggles for aspiring fund managers -- current cash flow.Many fund managers are struggling in the short term to produce cash flow for their business.In a typical structure, fund managers (specifically referring to folks who leverage SPVs to invest into specific deals or funds) -- may earn 1-2% upfront as an acquisition fee and earn the rest of their compensation in a profit sharing split once the preferred return to investors is achieved.

Regarding your creek, the issue is really (as you know) that someone will fall in and get injured (or drown).

My issue with many guru's, even the "better ones" is most seem to never put their money where their mouth is.  

So you can DIY and realistically chances are quite low that you'd have any issues, but if the IRS reviews it the fines and penalties will significantly outweigh saving some money by not having it done professionally plus you're either gonna leave a lot on the table or overstate which is a surefire way to get audited.

This was common in FL back in the day but no longer as most title companies won’t de these transactions anymore due to the liability and in many states due to the fact it is no longer legal.