You make this election when filing your federal income tax return.

You can forget about agents and administrative help because you will be doing all of the work yourself at those prices.

But the other side of the coin your expenses go way up when your employer is now not paying you any bene's and you have to pay all your own health retirement self employment tax AMT tax etc etc. trying to do this with max leverage is going to be a long slog to replace a 150 to 200k a year job with bene's.

You can - 1) establish a trust for asset protection, 2) utilize the Homestead Exemption for property protection, 3) consider tenancy by the entirety for marital property (this might just be applicable to California, my home state)4) make sure you have adequate liability insurance for additional protection, 5) think about forming a business entity to shield assets, 6) and have proper estate planning for asset distribution.Seek tax and legal advice from experts in your state.

The issue is my taxes show very little income.  

The tax savings will be around $8,100 per year or $680 per month at a 20% tax bracket.

Because high rental yields, tax free income, and stable market. what do I have to learn first to start investing on Dubai's rental properties? 

Make a buy at a Nebraska Tax auction on just the taxes.4.  

Don't forget to add fringe benefits such as health insurance and also payroll taxes, etc. 

I do have preferences ie close to beach/lake, no state tax (limited but if possible). 2.