My sister did not want to get rid of the tenant because she was afraid, we would get "a bad person in".

@Adele Tegger the way I understand the law, it would not impact a mid term rental unless the person lives in the unit for longer that 12 months (ie they extend their stay to the point that they have occupied the property for more than 12 months).

"Hope for the best" does not work, this can be a cruel and crushing business with expensive lessons!

Under the IRS rules, a person  qualifies as a real estate professional if: (1) more than one-half of the personal services the taxpayer performs in trades or businesses during the tax year are in real property trades or businesses in which the taxpayer materially participates, AND.....(2) hours spent providing personal services in real property trades or businesses in which the taxpayer materially participates total more than 750 during the tax year.Like @Greg Scott and @Russell Brazil mentioned above, I don't believe that you would qualify as a REPS, but if you are going to try it, make sure you document it very well (i.e. with some kind of proof, like time cards, mileage forms, and/or receipts, etc.) so that just in case you do get audited, you at least have something to provide to the IRS agent. 

Over the years I picked business degrees, real estate license, tax preparation training, loan officer licensing and training, investment / CFP training and it is all tied together in one big connected body of knowledge that emphasizes appreciation, debt pay down, cash flow, and tax write-offs...  

What makes most sense for one person may not necessarily make the most sense for someone else. 

Howdy Folks,I want to create options for my sellers moving forward to help ease them into the possibility of providing private seller financing for buyers.I have come up with a list of 3rd party loan servicing businesses, but I also want to provide a software option where the seller can more directly manage the loan.First, let me share the list of 3rd party servicers (please let me know if an awesome player in this space is omitted):Evergreen Note Servicing | Note Servicing Made SimpleFCI Loan Servicing - Loan Servicing Programs for Lenders of any size.Loan Servicing - Weststar MortgageNoteSmith HomeMortgage & Note Servicing - Note Servicing CenterWelcome to Statebridge - Statebridge CompanyLogin - AlliedServicing CorporationI really have not found any good software solutions that would fit well with a seller who may have just one private loan to manage.

I have always been very interested in investment properties and I aim to be a great partner for any investor who wants to do business in The Hudson Valley.

We all need friends with a lot of stoke in our investing journey and Mark is that type of person you need in your life!

My personal suggestion - given what I know of your finances would not be to try and do a BRRRR - especially if you have never done one.