I need to go back to the drawing board to figure out where I can generate a minimum down payment for an owner-occupy property.

However, remember that you can also use websites like upwork.com to hire people to perform certain tasks for you. 

7th, Get a WEBSITE, NOW!

We have a great friend that runs his fathers 3rd generation wrecking yard & he's a member of the country club we attend.

I will put the place on several websites and Airbnb/VRBO. 

One thing I had done is take a look at houses in areas using Zillow/RealEstate website and call PM in area to see local rates and do the math.I'm still new, but have looked into diff areas and done the same.

To be honest I'm not very familiar with TurboTax, but if answering Yes to that question automatically generates a Schedule E for that property, you should answer it No. 

I am interested in learning a little of everything about real estate investing and my goal is to build a bountiful portfolio that will generate a comfortable life for me and my family as I know this is attainable if I put in the work.

Renting out a $1M property once you leave it is not going to generate any cash flow for you.Take your $300k and invest it in rental properties out of state and use that cash flow to pay for your rent or to quit working your day job and move someone cheap!

I haven't been able to come across the answers on the Intuit and IRS websites yet.Thanks,David