Wondering is 1- Anyone else thinks of their portfolio in a similar way2- Anyone else see advantages (or disadvantages) of “dividing” your note portfolio into these two different arenas3- Anyone else distinguish between “passive” investing, “active” investing, the investing “business”. 

It's important to distinguish between a repair and a capital improvement.Pest control and snow removal costs (including supplies) are certainly deductible!

Government property sales, for the moment at least, distinguish between OO (Owner Occupant) and NOO (NON-Owner Occupant).

Does having an LLC make it easier to distinguish on a tax return that this is a rental property. 

Since there are technically 2 cities called Kansas City and they are located in different states (with different laws and building codes), it's very important to distinguish between the two, local referred to as KCMO and KCK.So, a long way to ask, are you interested in real estate in KCMO or KCK to start?

It’s also important to distinguish between those who are genuinely advising you and those who are selling you a service or product disguised as advice.I went to my first real estate conference in Atlanta in 2005.

(I distinguish this from towns where you can do Airbnb but only because there's no law whatsoever.)

How can you distinguish yourself from the other agents who are doing the same things?

Unfortunately, appraisals don't distinguish between a true restoration and a basic renovation, so, that allowed appraisers to do this. 

To add to the confusion, the party that had divided the lots had instead of distinguishing the lots by A and B, used A1 and A2.