Hey mate,Welcome to the wonderful world of real estate investing.For what it is, here is my opinion without too much depth:1) Have $100,000 in cash2) Look at the Midwest3) Spend time networking and finding the right people (Realtors, contractors, title company, etc...)4) Buy a distressed property for dirt cheap (Cosmetic rehab only)5) Renovate it6) Sell it7) Loose money (You most likely will on your first few deals)8) Learn and don't repeat the same mistakes 9) Do it againGod knows what doors will open and what the future will bring.I started in a similar way and it lead me to owning a turnkey company, property management company, brokerage, other businesses, investments and monsters with 17 heads heheJust my opinion off course but since I offer turnkey properties, maybe you should just buy turnkey heheJokes...

The vendors who are detailed in their scope of work and bids tend to be more professional and handle their jobs better, and may be worth the premium (if any).

NonRenewal is what happens in the "normal" course of leasing.

We really want to try to get our Real estate professional status for tax purposes.

You will need an attorney and a tax professional to assist with a situation like this. 

Of course that is without knowing your situation.  

Of course!

Most of our buyers are more concerned with COC or cash flow vs Cap rate, but this doesn't look out of line for our market with professional management factored in. 

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Does anyone know if there is a specific podcast episode dedicated to this topic.... qualifying as a "Real Estate Professional" on your taxes?