"Getting in" is easy; making money, managing the business, with the increased financial risk of commercial properties is a whole different game. 

They remain distinct on Form 1040 with different tax treatmentOnly capital losses can offset capital gains (except for the $3,000 allowance)So even though material participation makes the loss non-passive, it's still an ordinary loss that cannot offset capital gains from stock sales on the return.The only way capital losses can become ordinary is upon the sale of your property, and that loss could offset your W2 salary.  

That’s a big difference.

We have a different spreadsheet for each property.   

Biggest difference will be in pricing.

You could look into different sectors in real estate and see what you like and what you are good at; think 1.

They have different pricing... but I am wondering if someone used that for cold calling...

I will say the abatement if you do it right with a good contractor will be pricy since they have to abide by some different regulations on disposing of it. 

As you mention big difference between fraud and a bad investment.

They won't always be upfront about this with you but if know they're selling because they want to retire, that opens you up to different options vs if they're an investor just selling for profit.