Would also recommend getting a business checking account and credit card so that your personal expenses aren't mixed in with rental property income/expenses.

Notably, Pennsylvania is one of the five states that has a specific definition which doesn't rely on figures found on federal returns.

Our bank offers Deposit only cards cards (looks like an ATM card) that we give to each tenant with their name on it.

I was recently laid off and have accumulated about $20,000 in credit card debt, primarily from paying last year's property taxes and covering a few months of living expenses.

@Ben Carpenter Have you lived in the property for two out of the previous five years?

Outside of real estate, I enjoy spending time with my wife and kids, as well as playing golf, collecting comics and sports cards, and binging the next show on Netflix.I am very excited to meet people with common interests, network, learn, and help where I can.

(We're aware of the five year look back period for Medicaid eligibilty but it's not a big factor in our decision to do this.)We would get the house appraised so we can document paying FMV.House would be purchased with cash (it's a small home in a rural area and value is low)Inlaws would sign a lease so that it becomes a legitimate rental and we can deduct expenses, etc.

Attending these events are REALLY important (I can find my first mentor, network, collect business cards, etc), but I'm held back by my situation. - What is the optimal way to fund my first deal?

@Levi Five O One Blues  RUN, don't walk away. 

Purchased creatively ( sub too) Rehab (Credit card zero interest)What was the outcome?