Having a diverse portfolio of assets can aid in risk management.To make decisions that are in line with your retirement goals and financial well-being, you must do extensive study, maybe with the help of financial specialists.

I have been studying and researching sense, but I'm still very intimidated by the thought of purchasing real estate site.

At least here in Colorado, the licensing courses cost $400 minimum and are for 168 hours, plus time studying for the exams and cost of exams.

@James W.You should hire a consultant to perform a market study to outline what would be the best fit for the land.

Whether the home is 800 or 1200 sf you will still need HVAC, electrical panel, kitchen and baths etc.Be an interesting case study. 

Studying Zillow over the last month, single story 4-plex are rare to find in the TX markets I've been searching & analyzing.

Yes, it is possible to get a cost segregation study on a property placed into service in the past.There is potentially a requirement to file form 3115 which basically says that you screwed up the depreciation in the past and are therefore recalculating it.

Any study tips, tips for passing, etc.?

I hope Mario can mitigage his losses by selling the property quickly to stop the bleeding, or re-tenant and refinance to less expensive debt but this serves as a case study on the perils of investing in lower tier neighborhoods.The amount of people on the internet and social media selling the false narrative of how easy it is to create wealth through investing in real estate, specifically these lower tier neighborhoods is upsetting. 

I honestly learned th most from studying them in my market.