The loan does need to be secured by the property being improved if we are talking about a personal residence and personal itemized deductions on Schedule A.

The best way to learn about how to really invest in real estate is to read books, listen to good podcasts, and pair that with going to in-person meetups so you can see people just like you, married with 3 kids, who are making it work for them.

The second part is very personal and different for everyone. 

Learning from a successful person would help to make your business more "bullet proof".

My personally favorite spot so far is Ko Olina but I'm open minded.

@Jill KellerI personally owned and managed several rental properties, mainly one family, 3-families and been advised by a number of attorneys through the years to forget doing LLC's.

I personally recommend people look into an FHA on a small multi to get started.

I personally know the person that owns the property and am close friends with him.

I have not seen a significant difference in this area between section 8 and non-section 8 tenants, personally. 

I have never been there personally but I have heard it's good food.