Would you rather be in the midwest or SE?  

If you are in SE Cape with a duplex you probably have a 3/2 or 2/2 and probably don't have a garage.

While I'm local to Columbia we are also in several other markets around the SE and midwest.  

There's nothing wrong with turnkey per se and it seems that this was definitely a one-off, but why buy turnkey at 99k with $1,000 rent?

This includes things like:Daily cleaningConcierge servicesMeals or room serviceOther hotel-like amenitiesYou materially participate – You can still override the per se passive rule by proving that you actively manage the property.

CapEx and OpEx are not necessarily an approach per se.

The rule from 1.469-4(d)(1)(C) says this:(C) Each owner of the trade or business activity has the same proportionate ownership interest in the rental activity, in which case the portion of the rental activity that involves the rental of items of property for use in the trade or business activity may be grouped with the trade or business activity.This is probably obvious but with this tactic, you don't worry about Section 469's per se classification of real estate as passive because you've rolled up the real estate activity into the other non-real-estate-rental business.

@Ibrahim Konate Hi Ibrahim, I'm not an expert per se, but my first rental purchase ended up being a no-money down ARM loan with a local credit union that took an older appraisal and EMFV on the tax record.

Completely agree, I think too few people advocate for education (doesn't have to be formal education per se) but real education. 

He and his team know the SE market and are a great team to work with.