When speaking with a lender, let them know what you have planned for the next 3-5 years with respect to RE investing.

You responded to a FSBO deal with a RE agent not understanding you would pay the commission.  

RE Pro Status supercharges this.If you or your spouse are an RE Pro, your LP investments can lead to depreciation offsetting both passive and active income.If you are not an RE Pro, the losses due to depreciation can only be used to offset passive income—such as income from other rental properties or other passive investments.

Ha.

When I return, I will finally take the plunge into RE investing. 

I agree with Michael, I would consult a CPA for this, preferably one with RE/STR experience.

NOtes are much more complicated with a lot of regulatory issues etc that buying RE simply does not have.

So many things can go wrong in a RE transaction that you don't want to risk it unless it's very small like $500.

I manage all my properties except one so it would be hard to say I don't have the required hours.I also don't have a day job and RE is all I do.

Others I re-financed to get cash.