@Justin YanWe require HOA Certifications at times but I have never heard of a $250 fee- that seems excessive.  

My understanding of a Net Listing:Net Listing provision states that seller will receive a net amount of money (say 150k for their house) from any sale, with the excess going to the listing broker as commission (broker sells for 175k, keeps 25k for them self).

Should I focus on building my equity in the property or save my excess money for capital?

I know with my last one, with all the prorating for age, like 2 years on approx 7 year carpet life, only being able to charge for cleaning fees in excess of normal wear and tear, their portion only came to the security deposit plus $200 or so, so my management just billed them the difference and moved on.  

I'll try to explain the various levels of participation and how you can take passive losses against ordinary income.Under Section 469, an activity is classified as passive if the activity is a trade or business activity in which the taxpayer does not materially participate during the year or a rental activity.Section 469(i)(1) permits certain taxpayers who actively participate in rental real estate activity to deduct up to $25,000 of losses arising from the rental real estate activity, if the taxpayer cannot meet the material participation test required to be categorized as a real estate professional.The $25,000 permitted loss is reduced by 50% of the taxpayer's adjusted gross income (AGI) in excess of $100,000.

Purchase plus reno plus closing is going to put you in excess of 90k.  

That means a lender must give excess amount back to the borrower.

Each can give your wife $14K, so if the value of the property is more than $28K, the excess would reduce the amount they can transfer tax free on death.  

Putting in a pool adds value to a home, the question is does the value increase in excess of the cost of the value add!!

The membership fees on top of the MLS fees seems excessive for someone starting out.