Sorry to hear about your relationship issue.

I think it is like trying anything new, do your research, find something that looks good (nothing will be perfect and there is always something better) and just do it. 

Welcome to the community and be ready for a huge amount of information at your finger tips.

You'll offset your own living expenses, you can do it for very little down and you'll get some experience landlording and understanding how the tax savings and depreciation work. 

We are leaning towards holding it and doing a refi to deploy capital on future projects.

What do others use for prompting positive reviews or intercepting negative reviews?

@Rud SevIt's really your CPA's job to walk you through your tax return.

if your doing a senior project I would suspect your best and most cost effective landing solution is going to be a local community bank that loves real estate.. in my experience most will want 50% down on the dirt and a ton of experience and a really strong balance sheet.Myself I always pay cash for the dirt this makes finding a lending partner much easier.

If you are claiming Real Estate Professioanl Status(REPS), it is important to keep a log of your activities. 

Purchase price: $18,750 Cash invested: $15,000 Purchased old house frame on 1/2 acre, intending to improve it and sell it.