Over 60k profit MarginHow did you find this deal and how did you negotiate it?

@Marcus Welson I am not a CPA nor accountant but i think it is pretty clear as already said you can't deduct a loss of more than you Basis (cost) to acquire the asset. 

BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators7.

After securing the deal, the buyer made my wife and I go through three-feet deep of snow to "winterize" the house so there wouldn't be any plumbing issues.It was a 2 hour drive there, and a 2 hour drive back.So much time and effort put into it for only $4k...

If gone unaddressed, complaints can lead to costly violations & fines.

I would probably need a hard money loan, not sure what carrying costs would look like.

I love the fact that you can create rules that match the bank feed so that you don't have to "book" each and every transaction that comes through.

I will be injecting new funds every year.Full Control: I enjoy analyzing deals and prefer to have full control over my investments, so syndication is not an option.Given that I'm a complete newbie in real estate, I would greatly appreciate your advice on the following:Selection Criteria: What factors should I prioritize when choosing properties?

When you make a business that involves real estate, your business and investing go hand-in-hand and you may be able to find some really good deals in Cincinnati by just providing services in the area. 

BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators7.