I am not limiting myself to Washington, if there are good deals in other market areas I am willing to check those out!

@Russell Brazil My initial intention was to occupy the space and make it my permanent residence, however my fathers health deteriorated shortly after I made the purchase, which is why I made the decision to stay with my parents and try and rent the apartment out, rather then sell and take a loss.

Also, what's the best way for taxes, should we set up an EIN to file or can we split (50/50 partnership) the profits/loss on our individual returns?

Hey @Paul Zackey and @Alex Cornwell,I have Limited experience, but I know a few contractors who do it (I cant personally reccomend) and a mortgage officer who is very familiar with them.

So after you're done rehabbing, if you transfer title back into your name, you'll have to wait an additional 6 months (unless you want to be limited by the purchase price as your value).

In the Denver area the trend is for the larger municipalities ie Denver and Aurora to limit STR to primary residences or stays or 30 days or longer.

This way she can be entitled to the loss on her tax return.The property being 3 hours away by flight + the property being vacant for 10+years can make this a difficult investment property...especially for your first.

None of our properties are RV parks or Campgrounds though, so we are limited by code.It works out good for us. 

I want to finance for purchase and cash out refinance some other properties which I own with 100% equity.My credit score is 740.My work contract is limited and will end Dec 2018.

I have always been acutely aware of this limitation because in real estate we often do business with people that we also invest with.