Finally, appreciation is predictable and linear.I always work with my local property manager partner when selecting and analyzing a property with my investors and use them to manage the property after purchase to optimize the ownership and investment experience.To your success!

I plan to manage the bookings and do cleaning in between clients, so I will meet the "substantially all" materially participation requirement.

Clearly there are companies who are thriving with in-house management.

I've been a LIHTC property manager since 2001.

I manage 325 units currently, and there are quite a few scammers out there that use this even to secure an apartment and then never pay.

You didn't mention property management; are you going to manage it yourself? 

Our property management company did not accept TurboTenant applications because their screening process is not as thorough as we prefer.

We've had great tenants, a good property management company, and few expenses over the past few years.

By House #4 I figured out I should do fourplexes/duplexes, and managed to get a fourplex with owner-occupant financing.

I found someone a condo in Mount Crested Butte about 6 months ago where the numbers would work to cash flow a little/break even including pricing management into our numbers. - As with most forms of real estate.