REI is no different than anything else that piques your interest in life...you spend time learning and doing it to see if you like it.

People are even willing to over pay to put their money to work, so if this were my deal in my market, I would spend some time on what the as is value of the property really is.

Owning a single digit of house units are not worth the time you have to spend on them or turn them them over and they usually cost you twice as much as you have thought or saved for. 

Hi Geoffry, I am using assured automation flow meters but I still haven't sprung for the wireless gateway  yet (I'm still spending all my money buying properties) but I still hope to soon.

When I have previously checked into this with my accountant it seems their are very specific tests to pass to be considered a materially participating passive investor, namely that you must spend half of your time and at least 750 documented hours in passive real estate to qualify to deduct depreciation. 

We earn a decent income between the two us and want to be able to meet every couple of months or as needed to review and strategically talk about the best ways to keep as much of our money as possible.  

Will this approved amount change (hopefully increase) after docs have been submitted and reviewed?

Kudos to you for your determination and success.Can't wait to read your Year Two review!

Some make it sound like a full time job, I would say I don't spend more than 2-3 hours a week managing his property, even in the harsh winters of Boston.No LLC costs, etc.

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