If your property falls in this range let me know and I can provide more specific guidance. 

Quote from @Katie Van Koooten: The lease transfers with the sale, meaning the new owner will have to honor it.

In fact, numerous Tax Court cases have found in favor of the IRS when a taxpayer can’t document enough hours spent providing personal services to their rental real estate activities.Generally, material participation is determined separately for each rental property.

Regarding late rent, as soon as your state law and lease allow, you provide a letter stating that if the rent is not paid in full by X date, you will start eviction proceedings. 

I'm not trying to get in over my head on a project that will require more then I have to give (in time and knowledge), however my job does provide me some flexibility.

As such Schedule E does not even provide a line for wages/compensation (employees), the implication is a passive activity cannot have employees.

BP provides alot of free information & there a litany of good books to read on the subject.

Annual increases in keeping with HUD's fair market rents build in a stable increase in revenue.Regular inspections from the local agency provides us with an excuse to get into the units to check for maintenance issues that often go unreported and cause more damage.We love the model.

You will need to install outlets, switches, and lighting fixtures as needed,Plumbing: You will almost certainly need to connect all drains to the sewer and bring in water lines.Windows and doors: To provide natural light and ventilation, you will need to add windows and doors to the garage.

The management company just happened to be hooked into the deal with Growth Equity group and they also provided the interest only hard money loan for the balance of the purchase price.