At least now your tax basis is $220k ;-)  What was the extent of the repairs?

I’m excited to connect, learn, and eventually contribute as I gain experience.Feel free to drop your wisdom or recommendations—I’m all ears!

Bigger Pockets is a great place to learn and connect with fellow investors.If you’re looking to invest long distance, I definitely recommend building your core-4 team.

Lessons learned?

Connect with other investors, agents, and property managers to get a feel for the area and learn from their experiences.Are you thinking about house hacking or just straight-up rentals for now?

No matter the number of units, there is one roof, one property tax bill, one sewer line, one gardener bill, etc. 3.

When I did my first house hack in Columbus I showed very low income on taxes. 

Everything I am learning about mentions Local.

After 20+ years in real estate partnerships, here's what actually puts you on the IRS radar (and what doesn't):REAL Red Flags That Matter:The Partner Complaint TriggerDisgruntled partner files Form 8082K-1 disputesPartnership disputes leading to tax filingsReal Impact: Instant IRS attentionSuspicious Loss ClaimsLosses exceeding investmentArtificial basis inflationSudden large losses without economic realityExample: $100K investment claiming $500K lossesRelated Party GamesCircular property flipsBelow-market transfersFamily partnership schemes without substanceWatch Out: IRC §267 and §707(b) violationsDebt Engineering Red FlagsBasis inflation schemesArtificial guarantee arrangementsPartner debt shifts near year-endCritical: IRC §752 compliance matters!

As I learn both options.