The current document you probably want to look at is this:https://www.irs.gov/publications/p925#en_US_2023_publink1000...Generally, the passive activity loss for the tax year isn’t allowed.

The irony of this is that if you find a great PM, their processes will probably make the entire experience passive for them and for you- that's exactly what you want. 

Of course the listed price may not be the actual rented price, but by tracking several listing for a while you can gain a better understanding of the market.I hope this is helpful, all the best!

Most of the passive investors here would recommend reading The Hands-Off Investor by Brian Burke.

I'm simply looking for advice from people seasoned in this field and to try to continue gaining as much knowledge as possible.

Managing a property with your dad can be a great way to gain hands-on experience.

., lower Airbnb income, longer renovation time)Consider professional property management to reduce your workloadEnsure you're compliant with all local laws and regulationsFactor in potential capital gains taxes or other tax implicationsRemember, while the potential returns look attractive, real estate investments always carry risks.

The investment needs to be “passive”.  

Gain approval from the city inspector who issues the annual Certificate of Rental Registration.

It is likely most of them are familiar with both conventional, FHA and potentially other financing options that could be a good fit.Thank you so much I appreciate all the information, I am grateful for everyone that takes the time to help me gain knowledge it really does help me feel more confident.