Oh, and I did write an entire post on how to avoid ALL of this that you can find HERE.Thanks!

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

The IRS makes it incredibly easy to avoid paying taxes on rental properties by making it possible to write off everything under the sun.

I would avoid making claims that will be rejected.

My other thought is that I just continue to live in the property that I am now to reap the tax benefits from living in the property for two of the first 5 years to avoid paying capital gains tax.

I avoid any tenant who seems litigious and no one is more litigious than a lawyer, I pass on anyone who works in a law firm but especially the attorneys. 

I am also looking to avoid a bidding a war (which might not be possible).

I released the unit thinking I was helping the buyer and also did it to avoid a situation where the sale fell through and the unit sat vacant.

Do you have similar guidelines for a straight equity split if I wanted to avoid doing a preferred return?

If you are looking for flip opportunities, I would try to avoid the areas where it is almost exclusively rentals.