I suggest you verify any of these statements you desire   Reading BP can provide a misleading slant on many things.  

We are going through a contentious divorce and I would like to buy her out, but apparently thats not very easy.If we sell the properties our gross earnings will be about 300k, while our net earnings will be around 150k, due to capital gains, depreciation taxes and realtor fees.My lawyer, who is not experienced in real estate investing, says I have to buy her out based on gross earnings, so I'd owe her 150k.

My initial goal is to earn enough passive income to cover all my bills, which amount to approximately $3,500 per month.

If you desire to pay her rent than oh well, but try to tell Well Fargo or the Nisssan dealer its hard to pay your note and see if they let you keep the asset.

Earned a degree in Culinary/Management and worked for top spots in NYC.

Here is the summary if you are interested.In this case, the main question is when did the investor completed his start-up phase and became actively engaged in his business.Whether a taxpayer is engaged in a trade or business is determined using a facts and circumstances test under which courts have focused on the following three factors that indicate the existence of a trade or business: (1) whether the taxpayer undertook the activity intending to earn a profit; (2) whether the taxpayer is regularly and actively involved in the activity; and (3) whether the taxpayer's activity has actually commenced.

Investing is a supplement and a hedge, but you earn more for all of your investments, but upgrading your salary or wages year over year.

Set clear goals and create a comprehensive plan for each project, outlining your budget, timeline, and desired outcomes.

I can understand the desire for new but isn't there a large land cost relative to the value of the overall home?

It has been my experience that investors want to know credibility, capability and expertise before they invest with their hard earned capital.