This is based on temporary regulations, but you only need to meet 1 of the 7 tests - 500 hours is one, but there are 6 others that are likely much easier to meet.For all of this, you should have a call with a CPA/EA with strong experience in real estate, outline your circumstances in detail, and see where you fallAs far as what hours count... really any services provided that you would consider "work" in real estate, but of course there are exclusions for work you are doing specifically to hit the hours or "investor" activities such as reviewing financials.

It'll help train your mind how to think, and that's an invaluable fundamental life-long skill.And, instead of wasting your spare time outside fo that on the foolish pursuits common amongst immature people and minds, study for and take the RE license test. 

Now, of course I would test a 5-10 sqft portion before doing the entire floor. 

The reality is people are nervous about the following - getting taken advantage of on the buyside (the way to limit that is test out different people and find someone you like/trust or go big once and reduce the number of transactions you need to do).

We tested it with 2 tenants who were 2 months behind on rent and struggling to pay the late fees charged after they paid their rent.

Glad I could help @Shawn Long,Sorry, I don’t have any references in that area.In general, just being a CPA means they are experts who have an extensive education and have passed rigorous testing.

That might be true, but I consider it risk premium and freedom that I get to worry less and use my time for other investments and things in life.Similar to a stock investing strategy, I would recommend some percentage of such a defensive strategy be part of every real estate investor's portfolio - my personal experience confirms how this strategy works well without flaws and has been tested for a decade now.

Your tenant tested you, as many do in 1 and 2nd month and you proved yourself to be vulnerable to manipulation.

cashflow a 'self managed' MF will try your level of patience, test your immunity to stress, demand you significantly improve your handyman skills, as well as your tolerance for the inane & ridiculous.

If gutted the hole place Im not sure if a mold remediation or testing necessary and I don't want to waste money.