I have heard that since it is a "passive" and not "active" business that I would not be able to claim those expenses for 2020yr taxes.I hired contractors but also did a significant portion of the work myself as well as property management (advertising, screening tenants, software mgmt, etc.)Thanks for an insight anyone can provide!

Meghan, you're literally asking for an entire book worth of material and I'm not aware of any book that teaches you how to be a property manager.

They seems to have some quality flooring materials around the $2/sf. mark which should be sufficient for any average apartment.

All the good GCs/subcontractors are super busy and taking on more work than they can handle, that combined with the backlog of material as you mentioned is leading to longer projects.  

My material costs are on the high side.

The advertised rent is $400 more than his current rent.

So I am a bit of a rookie I have a big dream of starting a remodeling company/fix and flip but I have many question I still carry. one is buying a house that is made of asbestos I found a house that needs some love that was built in the 1900s that has asbestos in the material what kind of problems may one run into in buying a house made of these materials.

From the first point of contact, to coming out for bids, to negotiating and understanding pricing, to choosing materials, to timelines, and everything in between, up until the end.

Do you get any advertising cash flow from the small "billboard" on the side parking?

They are responsible for submitting progress, materials receipts and held to strict schedules for completion.