By qualifying as a real estate professional (REPS), you’d absolutely be able to offset your wife’s W-2 income with passive losses from your multifamily activities.

Networking also plays a vital role; connecting with other investors, real estate agents, and industry experts can provide valuable insights and open doors to new opportunities.

maybe talk to some lenders and see what options you have.unfortunately i think the active methods take a lot of time, and the passive methods take a lot of capital.for example - on the active side - BRRRR is a really great but really difficult method. 

I have another LLC because I am also a GC and all my renovation activities go under that business. 

Outcome: Retrieve detailed information on legal cases, liens, judgments, and any active legal disputes that may affect the property.7.

You participated in the activity for more than 500 hours.2.

If you meet this first test, you are a REP...now determine if you can use the benefits of it.2) if you or your spouse meet test 1, THEN you can make an election to combine all your RENTAL activities together for purposes of determining if materially participate in your rental activities.  3) So you met test 1, made the election under #2 - now you see if you materially participate in your rental activities. 

One thing to keep in mind, most lenders will require that you have owned a property for 12 months, and have two active trade lines on your credit for 2 years or more.

Are you actively trying to seek properties in that area?

However, I'm excited to be a more ACTIVE member moving forward!