Also I think getting your RE agent license is a logical idea. 

i am hoping to manage it myself, and therefore the logic is by investing in a nicer area, i will get better quality and complying tenants, and less headache to carry and manage the property.

Not the same calculation, but it does make me a landlord and the next logical step would be to set up a next deal and move into that while keeping the first place renting both apts.Does the tax deduction for primary residence cover all or 1/2 of the mortgage in this case?

If you don't fall in love with any aspect of a deal, there is little chance of you allowing emotion to interfer with the logic of getting a good deal (e.g., letting the numbers do the talking). 

If he lived out of state while owning it, logic suggests to me that he probably has someone in the state who held keys to the property while managing it.  

All or nothing shows lack of logical reasoning.Depending on the amount of equity that is dead in the property he could take a HELOC, invest the money in a secure vehicle, and earn enough to pay both the interest on the HELOC and the taxes.

I'm looking for advice on how to evaluate the numbers on a mixed use investment property so I can make a strong, logical offer.

I have a serious passion for real estate investing and I believe being a Realtor is the logical step to grow that side of the business.

Bill - I see the logic in what you're saying, but at this stage for me, just feels a bit too risky.  

So I think the courts will view the enforcement of the rule logical in that sense as the person who sought gain in the event is who the rule is being enforced on.