One key tip as you begin is to connect with local investors who are active in the markets you're considering.

Focus on connecting with investors, flippers, and landlords who are actively buying.

Although the Burnt Store areas are seeing somewhat sustainable demand for owner-occupied properties, we're currently still not seeing enough support for activities that would draw tourism into that area.

Talk to your tax advisor about how to release your passive activity losses based on your situation.This post does not create a CPA-Client relationship.

Active?

I would do this first before engaging an agent unless you are extremely active.

Here in TN brokerages regularly hold EM deposits; I have a dedicated account for such deposits myself, by law, even though I don't actively broker RE but just maintain my brokerage for the PM side of things.

The process is very involved as you'll have to navigate pre-construction activities that involve architectural plans and approval from the city and then the construction activities (Shovel to soil) take anywhere from 5-9 months depending on how much your building. 

When you put more money into furnishing, guests would likely pay a premium for it!

Our clients are very active in buying pre-foreclosures.