In the near future, we’ll be visiting The Shoals area in northern Alabama, where we’re considering a potential move this spring.

Where do you find "local" hard money lenders?

The "land basis" cannot be depreciated, so your depreciable portion will be lower than $350k.We typically consider $1 million in building basis as a rule of thumb where it makes sense to evaluate the potential benefits.

This is where you find the property and then you can sell it after.  

I did this another time where I was only making $600/month profit with a lot of equity in a rental. 

They have decent rental markets, and there are options where you could get in with a 20% down payment.

Do you know a scenario (except STR) where REP status can be gained while having a full time job? 

Where do you want to invest? 

If you can house hack where you are at, that alone will be enough learning to give you a good taste of what you might be looking for.

Since you’re still figuring out where to invest, look for areas with strong rental demand, good schools, low crime, and potential for future growth.