As there hasn't been any, we have to take the IRC and Regs at face value.In a nutshell, it's a trade or business determination.I imagine if you sell a rental property at a substantial loss you're going to want to take a 1231 loss (trade or business) instead of a capital loss (investment)?

I've been picking her brain more so for eviction procedures, delinquency, and other tasks I will face in the future.I'm curious as to how your PM got started ?

I am facing the same dilemma right now.

One of the challenges you'll face as well is the car aspect - going to view the property or running in to any maintenance issues so would ideally need a 1) a real estate agent who works primarily in these areas who knows what you are looking for and can do viewings for you and 2) property management company or a good reliable relationship with a handyman.

Moreover I think this would be beneficial for new and small time investors facing increasing competition with Institutional investors buying in large numbers. 

I am getting 725 no utilities included.In Denver we can get bare minimum 750-800 per room. 

Make them buy the note for 100% of face value, much better than selling for a discount latter.  

If the latter, then I would find another sector to invest in because it's only a matter of time before every market is "discovered" and you'll be faced with this decision within a year or two's time.

According to the City of Chicago, "All dwelling units must have either 1) one or more windows that face directly to the outside, and/or 2) a door that leads directly from the unit to a balcony" (this is assuming your basement is not connected with an above-ground entrance).

They do the bare minimum to earn a fast buck.