And your pension is not on Sch 1, it's directly on line 5 of your 1040.Whether or not your old losses offset your pension or your gains is a very complex question, but the bottom line is: yes, the losses become deductible.Now, you astutely suggested that you may "win" the game by increasing up front depreciation, even though it is offset by a correspondingly higher gain.

We added a yard game area/hot tub/pool/etc.

You are just starting out. you want to invest out of state, not locally.You want to skirt/evade the law.You want to engage in a rent model that requires a hands on referee at all times, remotely.You want a rent model that has strangers living with each other, raping/murdering/stealing from/harassing each other, without any ability to intervene.  

He mentioned that Privy’s Auto Deal Finder is a game changer.

Building a network and finding potential buyers and JV partners is key to scaling, and it’s great that you're already active on social media and have created a BiggerPockets account.To leverage BP effectively, start by engaging consistently in the forums, not just with your own posts but by adding value to other people’s questions and discussions.

For due diligence, since you're new to industrial real estate, it’s best to engage a third-party firm that specializes in property assessments or partner with an experienced investor.To structure your involvement, if your spouse is a licensed agent, she could act as the buyer’s agent to earn a commission.

I recommend staying engaged with the forums and podcasts to keep learning from others' experiences.Given your success in short-term rentals, consider focusing on that niche initially.

What makes bridge loans a smart choice for real estate investors?

With over 20 years in the game here and having helped tons of out-of-state investors find the perfect mix of vacation home and rental property, I can tell you it’s totally doable with your budget.

Doing nothing with it even where the market is right now feels unacceptable, so I want to find a way to get into the game.