You can deal with some issues with the repairs, but if the property is in a crummy neighborhood with not a lot of employment, you could have a tough time renting it out, especially if the coal industry takes a turn for the worse there.

We stopped using them since it wasn't worth the hassle.Make sure that the contractor knows up front that you plan on giving them one so that if they are self-employed they can plan appropriately. 

@Ben LeybovichFYI, Jeep is one the employers and industries in Toledo but not the largest.

It is just pass through income taxed at your marginal tax rate plus your full share (15%) self employment tax and state income tax if applicable.

Looked at the cashier and said, Yes, I am old enough to by spray paint, gave her a wink and smile mischievously.9am - Had my back adjusted by the best chiropractor in the world.10am -12pm - Breakfast with a great friend poolside at Wynn Las Vegas, talking business, motivation and mindset.12-6pm - Rehab work.

Jeff, The issue I am facing with is due to the amount of time it will take to roll the funds from my existing ex-employer's 401k plan to a new solo-401k plan which I was hoping to use to fund this property.To give you an example, let's say this property is contracted for 300K.Let's say I have one IRA account with TDAmeritrade say with 100K, Schwab with 100K and a 401K plan with JP Morgan with 500K.Previously I had inquired with TDAmeritrade, Schwab, and JP Morgan and they all told me all it takes to roll over to another IRA provider is 3-5 days. 

I appreciate you making this point and think this doesn't get talked about enough, especially for self-employed people.  

If someone has income, employment history, good credit, no criminal record and gives me a deposit for the property it is entirely up to them what they do with the property within their lease.  

IssuesTo qualify as a real estate professional, the taxpayer must spend:more than 50 percent of his/her time in real estate activities; AND,more than 750 hours in real estate activities.A real estate professional must materially participate in each rental activity for the loss to be deductible.[3]http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Passive-Activity-Loss-ATG----Chapter-2,-Rental-Losses-Steven

We skipped the 401k for my husband's last job since the employer wasn't matching, but started it back up with this one- hard to turn down an extra 4.5% of his salary!