There is alot to cover and I'm sure it will end up in a mess for both of you as it's clear you have not been doing this long enough to gain the skills and knowledge to pull it off.....so my suggestion is to pull that option and get things set up first.

I would guess getting 20% appreciation in the next 6-8 years would be the top end of possible expectations, unless there's something you know that's going to happen in your area to drive that level of gains.

Off Their Rockers gives me ideas to use in RE....mainly how to present yourself to younger folks.....social skills are important in RE but especially in the N/P circles...later,

We keep in touch with the county extension agent to determine rent levels.

Also the tank had a level gauge attached to it.

if there is only a small and narrow road for entry, that could pose a huge problem.You will want a survey, flood plain map, envrionmental phase I report (possibly phase II as well), and report from fire department on water pressure levels to the area and how many hydrants will be required.

I would go to eLance.com, post a broad listing of what you "think" you want, and when the replies start pouring in, you can ask more questions at that point in time and essentially get yourself a free consultation from experts.Of course, "experts" is pretty subjective, but the good thing with eLance.com is that the people all have customer feedback, so if you are talking with someone who has great feedback, your confidence level in their advice can obviously go way up (and vice versa).

Does none know if there is n income level at which you are not allowed to take tax deductions fom RE?

Totally agree with Mike there - getting an excellent team in place will save you huge amounts of time and effort, which you can then re-invest in home duties or more work, depending on your personal situation - choosing good teams is a key skill here in my view.

I have a few deals under my belt (lease options, sub 2) but I'm looking to take this business to the next level and become a full time investor.