There is no statutory requirement for rental income.3.

You need to talk to CPA first regarding to the income tax, gifted tax or capital gain issues.  

I think I am after the golden 10k/mo net income from real estate.  

In central Alabama the following areas are good.Hoover, Pelham, Calera, Alabaster, Helena, McCalla, Gardendale , Trussville just to name a few.More affordable low income areas will include Centerpoint, Pinson, Hueytown, Pleasant Grove, Ensley.  

I know commercial properties are valued based on the income.

So whatever income is generated from renting it, is just icing on the cake.We like PPB because of its 7-day minimum (not to get mixed up with Point Pleasant Boro that has a 30-day min). 

Apparently, generally it turns into a self-management type arrangement.As mentioned, don't forget that you'll have to property license the PM company, and take some sort of profit/income from it. 

We also ask for a 2 year lease when feasible as this cuts down on turnover/lost income. 

My taxes were flagged because the IRA put the gross appraised property value into the 1099R taxable amount box (ie not considering the lien).

The mortgage for our primary residence is pretty significant and the rental income help us pay for it.What options should we consider?