Again, don't start your conversations with the seller by asking them to carry a note.  

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I am trying to understand the safe harbors as it relates to expensing rather than depreciating items. 

Some of these “big” items are either issues that have been dealt with or will likely need to be dealt with.

But items like knob and tube or old plumbing might be less marketable, it won't affect the value of the house in comparison to the cost to remediate. 

In VA we have very specific requirements for notification of suspected abandonment and storing items after abandonment. 

Yes, I plan on managing these as I am more than capable of the M&R items and my wife will take care of the administrative items.

I had a conversation today with a guy that owns 12 properties free and clear and makes $90k with them.

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