I love the property because of the bare ground.  

You must (1) qualify as a RE Professional (under the Code) and (2) materially participate in the activity to use net real estate losses to offset any active W-2 or active K-1 income.  

There were bare ground both  on the North and East main access road in Commercial zoning.Summary:Read a lot about looking out of state or far away. 

You forget, we're brokers -You can wade thru the ocean of our souls and barely get your feet wet.:) 

In NY $260k would barely get you a shanty in some places.

Dish washer, consider two because your standard dishwashers are barely capable of handling a family of four let alone 3 meals a day for 18 guests.8: I recommend you have fun activities for your guests to do in the house.

I found this deal through my real estate agent, participated in the agent's alert system where I saw the deal the day it was posted.

You may wish to confirm that the new 401k provider will handle the ongoing compliance support such as any required 5500 filing (e.g. 5500-EZ for a one-participant plan with assets in excess of $250,000), any required tax reporting (e.g. 1099-r in the event of a distribution or in-plan Roth conversion), mandatory plan updates and amendments, etc.4.

Sometimes folks use JVs to avoid that, but JVs require participation on the parts of all participants.

It's like an expensive LA building that barely spins off any cashflow.