Tenants pay with Zelle, PayPal etc.Only takes me a few minutes per month to put in Excel.  

Looking to buy a house upstate NY with a FHA loan and live there.

The best way to do this is develop a great working relationship with a real estate agent or escrow officer and they will provide you with reports for free. 

Looking for recommendations for a good General Contractor in the Norfolk, Virginia area.

A lot of realtors don't know how to present the VA loan (especially if you are putting zero down).

I am no CPA but my understanding is the same as yours, that the type of mortgage is completely irrelevant to how the IRS classifies the property.

I love to travel, try new things, and experience new cultures. 

You should not allow any adults to reside in the property without being screened, approved by you, and on the lease.Here's a detailed guide on how to screen applicants: Application Screening Guide

My wife and I approached him to discuss buying it from him since it is simply sitting.

Some of them being: that they purchased the property very long time ago and don't need a massive amount of income to cash flow, they are fearful of raising rents and having a vacancy, or they just don't wanna deal with it anymore.Either way, this is where the opportunity lies for the new Investor.