@Nicholas L.Thank you for the helpful advice, in your opinion what type of repairs/work would be considered major rehabbing? 

Eventually 1031 exchange into a larger asset and repeat6.

We have guests coming in from England this Friday the 11th.

This allows you to meet the material participation requirements based on your combined activities across all the grouped properties.But yes, RE Pros still have to spend over 750 hours in real estate activities during the year (and more time doing this than anything else) to be considered material.

Is there somewhere on my federal return where I could find this info? 

Welcome @Brett Jurgens There are lots of people here to help you with your journey 

Built in 1890, this Old Victorian was converted into a duplex in the 70's by a talented architect who made some unique and extraordinary custom design choices (read Vaulted Sunlights) that make this property truly one of a kind.

You bought this with only $30,000 ??????

A 4/3 could potentially rent for $3,500 - 4,000/room/semester.Clearly some other factors to consider, but it would be great to hear any insight from folks who may have done this in the past.

Quote from @Vincenzo Peter Manzella: This is why landlords or managers should inspect every property at least once a year.