BTW: most owners that have hired a PMC, don't want to speak with you, much less meet with you in person to hear a hyped-up sales pitch.Also, you want to do rental arbitrage - so, you will need to be properly licensed to manage properties you do not own as required by your state & local laws.- why would an owner want to do business with someone NOT properly licensed?

I think if you leverage 70% of it you’re going to seriously cut into your cash flow and personally if I was going to have $7M in debt I’d prefer it to be spread over several projects built slowly.

This exemption is particularly beneficial for real estate investors, homeowners, and businesses looking to manage their tax obligations more effectively.How Does the ATI Exemption Work?

Although, I am very interested in learning about real estate full time but not willing to make it a business.

It's too large of an investment to get it wrong; you need bench strength.Real estate investing is a risk business.

Just my personal experience.

@Nina Erlandson Personally, I have not heard of Obie Insurance.

(check page 7 of this IRS Pub)Something that's non-passive and you materially participate means you can deduct those losses up to the excess business loss limit. 

As for starting a business, are you looking to start a "real estate" business or "non-real estate" business?

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