These can reduce your overall tax liability while helping you attract and retain talent.Real Estate Professional Status: Depending on your level of involvement in your real estate activities, you might qualify as a "real estate professional" under IRS rules.

You can save some money by changing the valuation, but you'll retain risk.

I am enjoying it so far and absorbing everything, but since I don't work in real estate regularly, I keep wondering how I can apply  this information in a hands on scenario in real life in order to retain it all more efficiently.

A competent and experienced contractor will pull all the proper permits first, they will not fool around as they want to retain a good reputation with the municipality if they expect to continue working in that respected city.  

Research has shown that learning and retaining the information you've learned is dependent primarily on you carrying out the action.

If you think you can, I'd still raise the rent by as much as I could (while still retaining them).

All that work helps me retain what I need to know to do this effectively (to my own standards, that is!) 

The property will be rented to Applicant on a ONE YEAR LEASE basis at a rent of $995.00 per month, if Applicant signs Owner's written One Year Lease and pays Owner the first month's rent ($995.00) on or before MARCH 20, 2011, in which event the holding deposit will be applied to the Security Deposit.Owner and Applicant agree that if Applicant fails to sign the Lease Agreement and pay the first month’s rent ($995.00) on or before MARCH 20, 2011, Owner will retain this holding deposit to compensate Owner for the inconvenience.A PRORATED AMOUNT OF $385.20 FOR MARCH 20-31, 2011 WILL BE DUE APRIL 1, 2011 AND STAND AS APRIL’S RENT.

Often, you can agree to an interest bearing account with interest retained by the holder for maintenance of the account and bookkeeping expenses, the account may not be required to be an escrow account by the depository but will be on your books.

I retain the records because I'm managing the property.