Hey Trevor, welcome to the real estate world!

I am interested in investing in something a bit more passive as I am getting older and, while I love the real estate asset class, I do recognize the need for multiple streams of income. 

In real estate, that would look like some solid LTR and maybe commercial tenantsThat being said, there are still many opportunities in STR in many areas.  

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.

DIY tax software like TurboTax may not handle nominee interest, depreciation, or LLC structuring correctly, so working with a real estate CPA experienced in sub-to deals is recommended.

It’s awesome to see your passion for real estate and your clear goals for building a portfolio.

They equate the period leading up to the time its ready to rent as the risky part of the real estate process and pay a premium to bypass that part but this leaves them with unreasonable expectations because the real estate they purchase is inherently risky.

If you had a couple million in equities and a need to diversify your holdings by adding real estate, maybe.

The land deals have filtered down a ton too. 

I like fitness and health and just like those two things, real estate investing is NOT a "one size fits all" solution.