In fact, there are a number of competent tax professionals on the forums here.

This is coming from an experienced professional contractor and carpenter. 

Step 2: Seek Professional AdvicePassive investors should seek professional advice from their attorney.

But try to approach it with a long term mindset, some of us look over the course of a year, daily, to find something within our buy box.- Partner with an investor friendly agent; this may be common knowledge, but expand your resources, time, and eyes by partnering with an agent who has been doing this for investors and can help find added value or hidden value in areas, neighborhoods, etc. that you may not be aware of.- Are you renting or do you own a home?

With all these factors, plus the cost to furnish the home, it can really add to your initial investment with no promise of a return.If you need to move quickly and are not confident in your skills to self manage your long-term rental, I would love to speak with you about leasing your property as a professional landlord! 

Unless you crave the first-hand experience, you should look for a professional firm to manage your properties.

There's big box like Lowe's and Home Depot and they have builder discounts but you need to buy in bulk, there' smaller outfits for lumber and sheetrock and of course paint too.But there are lenders who will deal with you if you have good credit and liquidity,

Two big hospitals are in the surroundings and the industry zone, no more than 5 blocks away.The idea is to rehab the property and fit at least 9 175 sft studios (each studio will have a bathroom, small kitchen and bed)I am trying to reach young professionals or doctors, looking for a place to stay, the rent I am trying to get is a minimum of $250 USD per studio per roomThe rehab will be done in 2 stagesFirst stage should cost no more than $25,000 USD and this rehab is needed in order to be able to get a mortgage credit.

My goal would be to cosmetically renovate the property, professional photos, interior design, social media presence, etc.

You may pay the penalty but avoid the state income tax3) Are you able to claim Real Estate Professional Status / STR classified as active to help mitigate the tax burden?