To be successful as a real estate investor in any form - except maybe purchasing the Vanguard REIT index fund - an investor needs education, knowledge and understanding of real estate principles, real estate law, and real estate finance.  

They're amazing to work with, and their property management (PPMG) is exceptional.

Then sat still except for a subdivision development which has a long lead time.Just bringing on line as a 75 acre country subdivision.  

I'll add on to what the other Ben said and mention that there are exceptions based on the # of days that you rent out your home to where the income/expenses are excludable (being lesser of 14 days or 10% of total usage if under 140 personal use days).

Quote from @Scott Trench: @Scott Johnson we typically don't delete forum posts, and I don't see a reason to make an exception here. 

We all need a solid strategy and we need to follow it, no exception.

Thanks Lauren - no one close by except a lady I wouldn't trust......I think it may be a bad idea too, just wanted to explore the concept a bit.

.- If you purchase a home with a VA loan by using an Agreement for sale / contract for deed that is the exception. 

For instance, properties with an accessory dwelling unit (ADU) on the lot that can be implemented as a long-term or short-term rental can perform exceptionally well.

@Jennie Berger The RS-3 Zone allows for Single-Family residences & 2-Flats as "Permitted Uses"; however, the RS-3 Zone still requires 2,500 sq.ft. of lot area per unit (i.e. 5,000 sq.ft. for a 2-flat) unless the lot meets the exception for the characteristic of the block as previously mentioned by Nicolas; then it can be reduced to 1,500 sq.ft. per unit in order to construct a 2-flat.