I can get there in case of emergency, I know the market, and its less "risky" I guess.

It sounds like you are mashing a lot of different things together here.It does not matter at all if you have an LLC, or if you, or your wife is the owner - it doesn't change any of the tax positioning in the slightest.The test to be a qualified Real Estate Professional is at least 750 hours in real property trades or businesses AND  over 50% of your professional time. 

After hearing what my relative did, there's another chapter to the story, trading cash flow for appreciation, acquire more properties, due to limitations of the recent tax laws.

I have one Amex card showing up and a bunch of student loans - do banks take these as trades?

I am going through the eviction of my tenant due to non-payment.We had the judgment pay and stay from the judge, but the tenant submitted an emergency appeal to the judgment. 

As I've learned from the BP podcasts and in my personal experience in the industry and the trade, succes in real estate investing is so much impacted by the professional relationships and connections, and as such, I'm excited and motivated to start meeting and working with likeminded, motivated, and ambitious persons like myself! 

Hey BP family,Know of any good GCs, or specialty trades [flooring, plumbing, electrical, etc.] in  Toledo? 

Start-up costs are also deductible but are amortized over 15 years with a limit of 5k.Start-up costs have strict rules and your case might not be the same as this one.Case Summary:Timeline line of eventsStarted investigating property: FebPut first contract (canceled): MayBought first property: December 30thWhether a taxpayer is engaged in a trade or business is determined using a facts and circumstances test under which courts have focused on the following three factors that indicate the existence of a trade or business:Whether the taxpayer undertook the activity intending to earn a profit;Whether the taxpayer is regularly and actively involved in the activity; andWhether the taxpayer's activity has actually commenced.On the basis investor testimony, we may assume that he undertook this activity to make a profit and that he regularly and actively engaged in it.

Although communication makes an owner feel good, especially when an owner wants answers immediately, it does little for their bottom line if you don't have the other two (Integrity and Execution).I think all the PMs here agree, however, that there is no quicker way to piss off an owner than leave them hanging when they perceive* an emergency.

You will also need money for closing and an emergency fund.