It's really hugely individual and of course, it has to be in relation to what your cash investment is.

Another way would be to have a friend, relative, realtor or other trusted person step in and manage it for you if needed while you're away - perhaps with some payment for their trouble.

Update/conclusion: Glad to report that in the end it was relatively painless.

Since I have a job not related to RE in 2014 I was planning on reporting on Schedule D via form 8949 and selecting (c); I think I'll be safe but would understand if IRS challenges me.

Particularly, I need to partner deals types to their relative investor specifications.

Ken McElroy is an outstanding example of an ordinary real estate investor who stayed with it through thick and thin to become successful and I'll listen to him as many times as you can get him to come on.If you could corner him into doing an 'intensive' on any subject related to the apartment biz that would be great too-

@Nancy Rhea I can relate.  

Of course the property would need to be a relatively higher cap rate considering it would need to cover the 6 & 8% interest being paid.Another option would be a lease option or something of that nature, sublet and exercise the option with private money or a conventional loan.I would love to hear some other ideas/thoughts, etc. on this!

My business is an LLC and I have been planning to rent my basement to the business LLC already - and I have spoken, at least preliminary, to my accountant about this with no obvious objection.

I am very new to real estate investing and looking on getting educated more during my off duty time including getting advice from BP members relating to real estate.