We're rookies so I'm trying to understand how this will impact ARV.

New laws such as the SAFE Act and Dodd-Frank may have an impact.

I don't really want to spend a lot of time with the day-to-day of managing properties, and essentially want to be a hands-off investor; this is what makes wonder if i should be looking at much bigger buildings. 

In this case you have an opportunity to help them avoid the severe financial impacts of foreclosure.

When you're making an MLS offer it's most often essentially a nameless faceless type of situation. 

Your wifes parents can give you and your wife each $28,000 in 2014 with no impact.  

Agree with the others that shutters will make a huge impact.

I'm really, really skeptical that wiring a compressor to a garage subpanel had any impact at all on the main panel or the rest of the house.  

That mortgage insurance is essentially money that is not being used to pay down your mortgage.

Should I take the plunge and invest in a non-primary residence property and essentially learn through trial by fire?