Hudson really an investors challenge is determining if how much cashflow they want vs cash.The inherited house demonstrates this:1) You didn't mention the mortgage PITI, but assuming it's low, you should cashflow well and even more if you have tenants pay the mortgage off over time.2) You could also do a cashout refinance, up to an amount that allows the rent to comfortably cover, and use the cash for further investments or personal use. 

I made some elections about grouping by not grouping as I expanded and didn't understand the consequences (making material participation easier/when passive losses can be harvested/ease of filing) of that at the time.Also random question but do you have a sister Nicole?

I personally don’t like installment sale contracts or contracts for deeds, especially over long periods of time.

Personally, I just post on line the rental thats available and see who replies just to see if its needed in that area before I purchase 

It’s frustrating to them and agents because they waited to ask in person questions to an agent who cannot answer them. 

Figure out the best medium in which you meet these folks (in person, LinkedIn, networking groups etc)4.

However, since filing these forms is a very minor hassle, my general advice is: when in doubt, do send these forms, just in case. 

We have monthly in-person meetups in New Jersey for when you are in town.

Because with detailed plans, examination of alternative causes and getting involved even when the trend is not favorable can make a person start making profits from real estate when he is old as well as when he is young.Good luck!

Should I create an LLC at this point to protect my personal assets and tax planning?