, but it will make your life so much simpler and more efficient if you set up a bookkeeping program from the start because eventually you're going to want one.

No "headaches" except for risk of near total loss of principle unless I put more money in...I'll take the risk of a project that I need to complete personally in exchange for a near-perfect risk/reward profile and complete understanding of the investment.

Determining whether the venture falls under a service or rental business hinges on the provision of substantial services; for instance, if a bed and breakfast service is offered, it must be reported on Schedule C, triggering a 15.3% self-employment tax.Moreover, personal use plays a crucial role in the classification of the property.

I would personally feel better if they were at 4" though, particularly if there will be small kids as renters.

No personal income, tax returns or DTI to worry about.

Keeping your building expenses separate from your personal finances can make it a lot easier. 

I’m 47 and in the best health of my life.

Our personal tastes lean more towards Reunion, but everything you read or hear about Championsgate suggests that calendars fill fast, high occupancy can be expected, and values stretch further in that development.

It sounds like you are placing into service as a rental a house that was previously a personal residence.Your basis is purchase price + improvements made to the house from purchase to the time it was converted into a rental.

Hard for a person to imagine living there.