I've always been interested in real estate, have sold a couple of my own homes by owner, owned and managed a 24-unit apartment building with partners and own a couple of small commercial rental properties in town.Here is where I need some opinions, advice or experiences from any seasoned agents & brokers...I've spoken to two local brokerages this week about their general operations, fee and commission structure.

Operating as a landlord means you are in control of somebodies home.

Get a security camera that monitors the front and back entrances and operates via WiFi.

This lack of activity across the board is the biggest concern, hence the interest in contingencies such as deed-in-lieu-of, or similar, in the event that the continued marketing, open houses and aggressive price drops don't generate a buyer.

Or do you want to gift the business for the next generation?

Unless I 1031 the property I sell of course but this wouldn't apply to a long-term rental. 1031 exchanges do not exclude rental income from taxes. 1031 exchanges defer the capital gains and depreciation recapture taxes  generated from the sale of the property. 1031 exchanges absolutely apply to a long-term rentals. 

I wonder if there’s a minimum size for that law or if small time operators get a pass?

You're pretty much acting as tenant and property manager so need to show why they should allow you to operate a mini business from their home.

Since then he has mostly bought apartment complexes and has never lost any money and talks down about owning less than 32 units which usually allows you the chance of hiring an experienced Property Management Company to handle the daily operation that includes the screening and maintenance and you just manage the managers and get regular (once a week) financial statements and you still have positive cash flow.

Here's my question: Could my expenses to fix up the house (it needs a lot) be used to offset the Penalty and tax I will generate from using this IRA?