@Jack RengoldDon't start with a war zone property, period.  

What's the most efficient use of your asset/equity?

Lots of bad things can happen and if you do not have the experience or financially abilities to ride out an expensive hold period, you will not come out looking pretty.

That's a nice turnover period, though I think you should remember all of this hassle and start interviewing other property managers.  

Used properly it can be efficient.

Neither the owner nor any family member will be allowed to buy it in a short sale, period. 

I'd really like to own a property in the city, mountains and beach so we can choose which we want to enjoy for any period of time we want!

. ;) But what if you could build 3x as much equity in the same time period?

the rental property was out of service for an extended period, Schedule E will reflect the costs for renovation or rehabilitation as repair expenses.

I guess I shouldn't think the government is going to be any more efficient than a bank...