Nolan O'Brien to answer your question - the 6% is usually a split so your estimate of 24k is not going to be his take home ( usually 3% split minus royalty and other fees).  

People need to go back to their history books and research the influence that foreign merchants had on the creation of this country to create a viable contender to royalty-based power.

There are various way to create a income streamturo ( car rental)Peer2peer lending Dividends Personal business Royalty/licensingSTRLTRSyndicationBlogs/utube channeBond ladderAffiliate marketing 

From rents and royalties received, you can deduct certain expenses listed on the form and calculate either a profit or loss that can be used to complete Form 1040.

Branch of a Foreign Bank or Insurance CompanyInterestDividendsCapital Gains (Income Code 9)RoyaltiesReal Property Income and Natural Resources Royalties (Income Code 13)Pensions, Annuities, Insurance Premiums, and/or Alimony (Income Code 14)Scholarships and Fellowship Grants (Income Code 15)Pay for Personal Services PerformedPay for Independent Personal Services (Income Code 16)Pay for Dependent Personal Services (Income Code 17)Pay for Teaching (Income Code 18)Pay During Studying and Training (Income Code 19)Artists and Athletes (Income Code 20)Real Estate Investment Trust (REIT) and Other Trusts Distributions Subject to IRC section 1445 (Income Codes 24 and 25)Unsevered Growing Crops and Timber Distributions by a Trust Subject to IRC section 1445 (Income Code 26)Publicly Traded Partnership Distributions Subject to IRC section 1446 (Income Code 27)Gambling Winnings (Income Code 28)Notional Principal Contract Income (Income Code 32)Substitute Payment - OtherCapital Gains DistributionsOther Income (Income Code 50)

.- New rental in Rental / Royalty section. 

I have been treated like royalty by the Bigger Pockets family.

And, as @Ben Leybovich (BP royalty, btw) mentioned, with your construction experience you should be able to at least ball-park the rehab costs.  

The tax is simply a device congress came up with well before IRA's even existed to level the playing field when tax-exempt entities compete with taxpaying businesses.Passive income is not taxed, and would include things like interest, dividends, royalties, and rents from real property.  

Income from “property” includes interest income, dividends, rents and royalties.