Quote from @Brady Ascheman: Hi everyone, when meeting with my CPA recently I was instructed by here that if you obtain "Real Estate Professional Status" as per the IRS rules then your rental income become "active" instead of "passive" income in the eyes of the IRS.

It was my grandparents' home and when they passed they left it to their 3 children, two of whom (my father included) decided to divest and leave the house with their eldest.

I began with a single family however I would have started with a 2 or 3 family if the deal penciled out and I had the capital.

Three out of my first five purchases were from the MLS.

Our goal is to invest wisely, but to be honest, my wife and I really enjoy traveling to central Florida and would love a place of our own to visit on occasion. 

Be ready for tons of info and resources at your fingertips. 

Here is a comprehensive guide to help out-of-town parents navigate the process effectively.1.

Many of them will fall through.

Hi BP, I am interested in invest out of state and these are the three metro area that I am looking into: San Antonio, Austin or OKC area. 

To me at my current knowledge level, this deal only works if taking over the loan - to limit the out of pocket money to acquire the property since the outside reno and new septic would take up the bulk of rehab costs.