You’ll also owe depreciation recapture on $36,365, which will be taxed at your ordinary income rate.I believe Bernie wants 25% not including the regular taxation issues of investment property.

It has all the laws for your state, updated regularly, and comes full of practical advice about marketing, screening, leases, evictions, and more.

The meetings have been sporadic lately but are becoming regular again, with the next meeting on the evening of Tuesday, March 10. 

Contribute to a regular IRA as non deductible contribution as a backdoor to a ROTH.

If he's not expected to be able to pay much (or regularly), you might find yourself in the latter category.I don't know if you have an accountant now, but you probably do want to at least run it by one.

Is this a single family home that could be used even just in part as a store, service, eating place, office etc..?

I am a firm believer that if you are investing in real estate directly, versus a passive model, you need to be doing site visits regularly, and being somewhere you want to go, especially if this is a side hustle, makes it that much easier.I do agree with @Derek Harris that, why not invest in both, if possible. 

When I want something completed in a hurry I get permits and as much of the materials as reasonable stored nearby and make sure of contractor schedules, and don't rely on people you have not used before.

By any chance is anyone having any meets ups regularly that I can attend.

I was holding them regularly until the Carona struck.