The IRS code defines expenses as allowed, -not as required. 

I know this question is probably very broad, but do you have any general advice?

@Meaghan Simonich the best advice I can give you as an out of state investor is to clearly define your criteria in terms of the class of properties and neighborhoods you are comfortable investing in and knowing the areas in your market that fit that criteria.

We did not form a legal entity for the day to day collaboration, instead we leave the entity and business structure to be defined by each opportunity - typically an LLC.

Lot's to know so let's begin.LOAN TYPESGenerally speaking there are 2 main types of loans for investors: “Conventional” and “Portfolio”Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

Definately let it go.

Define your personal investment goals, both short and long term.

What to do with the net income across broad investment strategies means not only do you make money but you keep it.

This was the first lesson of my Pay-Per-Click lead gen experiment... define specific buying criteria and filter Google Ads location. 

I am not attempting to imply anything about the question you asked or how you worded it, but just for funsies I went to google and typed in "Define fraud."