Imagine making millions of dollars over the course of your career and then having to pay 30-50% every year to uncle sam instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they just buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of best ways to end up with a much larger net worth at the end of your career.

The person I would seek advice from is a CPA about this. 

I personally have success in doing flips with my partner here in Ohio.Lakewood and Edgewater are gentrifying neighborhoods in Cleveland.

My personal preference for a buy and hold would be an already established area (or an area that's still gentrifying, but has already seen significant progress). 

My recommendation would be to engage an investment property focused realtor (not a general residential realtor) and let that person guide you through the process from pre-qualification to market/property valuation and selection. 

@Brice Alef-TorrisiHaving one checking account per property is an excellent way to keep your property finances separate from one another and your personal finances.

If you have, you have put yourself at great personal risk.Again, I recommend you get a lawyer as soon as possible.

@Erica King Sounds like this is more of a personal budgeting concern rather than a real estate one.

No personal experience with them. 

The vast majority of contractors won't want to give bids on properties while under contract unless they have a relationship with that person from prior jobs.