But the IRS says no it is profit. 

Then if in X years the mortgage rates go back up to 5 or 6% it will drive down the property prices because suddenly people can't afford as much house because the rates are no longer 1% like now.

No matter how well you plan, there will always be unforeseen issues – from hidden structural problems to unexpected repair costs, or project delays.

(Question 1)My friends expressed concerns about Steve potential retaliation, maybe in ways that I might not be able to directly identify him for (e.g. causing damage to appliances in the common area and I would have no way of knowing who did it.)

I haven't had luck connecting with them yet to advertise my property to them as an MTR.I've had it listed on Furnished Finder for a week - with no furnishings in it yet, but with comments that it will be furnished soon.

No more than you should become a master electrician, master plumber, HVAC tech,  insurance agent, loan officer, and maybe other licensed people.   

Are you depositing your pay in the bank?   

You don’t want to invest in a deal if there is no long-term growth in future.Third: Inspect financial projections.

We also require security deposits.

No current liens but these properties have tax deeds, not warranty deeds if that matters.thanksLevi