We have investors for all over the world interested in multiple streams of income and generational wealth instead of relying on W2s.

As copied and pasted from above-(1) more than one-half of the personal services the taxpayer performs in trades or businesses during the tax year are in real property trades or businesses in which the taxpayer materially participatesThat's how I understand the W-2 problem... it is hard to say you spend more time on real estate than any other activity if you work 2,080 hours.Another consideration is how much you rely on the W-2 income for lifestyle versus rental income.

I rely on reports from Baselane for income, expense reporting, P&L, etc and any other reports I need.

A good PM can steer you to the areas that perform the best and are in the most demand.If you rely on a sales agent, they may not have any idea what makes a good rental and could steer you in the wrong direction. 

They suggest relying on the inspection contingency instead.Is this a common practice right now, or is it specific to my area?

. - this leads to management inefficiencies and waste- you have to rely on other people's judgment- you have an overhead cost burden for doing things remoteIt is tough enough to organize a carpet & paint rehab remote (ask anyone who did it the first time), let alone a full-scale BRRRRR.

Just make sure you don't rely strictly on the numbers, because they don't always tell the whole story.

Real estate investors rely on cap rates to analyze deals and compare potential returns before making a purchase.🔍 Understanding Cap Rate:- On the surface, the cap rate is one of the best ways to determine whether a deal is worth pursuing.

But you'll need to rely heavily on your accountant's guidance so that you do not take out too much taxable gain.  

For those who relied on buy, cash flow, this isn't a Motel 6 model any longer.