Yes, I have read the CC&Rs and it seems that we should actually share proportionally the cost to maintain it according to "use," although I am not sure how "use" is defined--I look at the wall; he uses the interior of it (on the other side...

@Jason RegoYou’d have to define “valid”.

There are a lot of properties that this strategy does not work for, but if you find one that needs substantial rehab or one where it makes sense to do an addition as discussed in point #2 then it fits the OZ requirements.The regs also indicate that an OZ fund can meet the original use test by purchasing a property that has never been placed in service, which is generally defined as never having been depreciated.

It seems like you're on the right path to thinking ahead, beginning with your education about REI overall and then thinking ahead to the future beyond  professional hockey - even if the exact outline of how many properties you desire to have some day in your portfolio is yet to be defined. 

Can someone define for me what house hacking is?

Clearly define your objective and criteria and then identify the market or markets that best help achieve it.

Hello All -I'm SuperNoob and defining my processes. 

If the cash flow is actually like $50, you might want to consider selling for a better quality CF property.So step 1...define your goal...step 2...determine if this property helps you meet it.

The way the IRS defines this is "properties held for investment or use in trade or business". 

First you need to define it before you can figure out how to get there.