Wholesaling real estate is another way to gain experience without much capital.

Pro: Being an active agent helps you keep learning, gaining experience, and also staying motivated.

But, since you only lived in it for a year, you will have to pay capital gains. 

Went to school 20 miles from the Canadian boarder where it was regularly -20 degrees in the winter, and we'd still rather be .2 miles from the bars & well over a mile walk/ drive from the actual school.I do see a lot of first time investors thinking that student housing is going to be their passive golden ticket, but quickly realize how much work it really is.

Real estate activities are typically considered passive activities, and the IRS restricts passive losses to offsetting only passive income.

Both options you’re considering have their pros and cons.Converting your garage into a studio would give you a fairly quick ROI with the potential for passive income.

Now that I am retired, I am eager to: 1) Gain hands-on experience in flipping homes in Florida, 2) Find properties with potential for value-add/forced appreciation, 3) Partner with experienced home flippers for collaborative projects.

So how about you SELL the equity to a minimum # of other "passive" partners? 

Since you're not pursuing a real estate license, consider wholesaling to gain deal experience or help manage local properties to learn the day-to-day operations.

I'm just exploring, gaining knowledge and conducting research before I pull the trigger on anything.