I have been interested in real estate investing for a long time, but never really had the community, capital, or understanding of how.

If you have offers out on properties, make sure you understand the rent control levels they are under before you buy.

Make sure that your tax accountant understands this. 

@Adam Newman yeah, not understanding your statements, "I have $50k plus about 7k in the bank" and "take out a loan and go in with 20% from the start?".

Many real estate agents dabble in property management without fully understanding the complexities involved, making it risky to work with them.

Understanding the preferences of the Hamptons luxury market is essential.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

You and your legal, tax and financial advisors should review this transaction in greater detail, especially the PLRs, to ensure you understand the significant risks involved and are structuring the transaction as close as possible to the PLRs to mitigate some of the risks.

My understanding is profit from lending is considered "taxable income" and is therefore added to your income and subject to your normal tax rate after all deductions, etc.

A Property Manager can also assist with understanding local regulations and the practical aspects of property management, ensuring you make a well-informed decision.Feel free to share more about your specific needs.