Our predecessors took too much advantage of that rule and “screwed” us. 

So with that third option of a buyout if we were to want to buy out the third partner is there a specific structure that would be more tax advantageous?

It became much more profitable, hands off, and tax advantaged

Couldn't wait till then so found a good 30 minute podcast by Bo Kim that explains how you select a location.

I'd say the reasons to have a property manager are:-you don't have the time to do it-there may be a conflict of interest with the tenants (ie employees or students)-you live too far away-you have problems saying no and you let people take advantage of you

IRRRLs have fees, but they do have some advantages over other types of refinance since IRRRLs don't because require appraisal or underwriting.The VA loan is a powerful benefit, especially considering your husband is a disabled veteran...he very well may qualify for the VA Funding Fee to be waived.

When investing out of state, I deem that the team you work with is just as important as the market you select.

If you own this as a rental for years someone is likely to disagree and feel hurt and left out or taken advantage of. 

You might want to separate the market into "type selection" and "environment/neighborhood selection".

Purchase price: $41,000 Cash invested: $4,500 745 sq feet; 2bed, 2bath, built in 1985, okay location.1st Investment property I bought along with my mom to get her 1st time home buyer advantages.