I see many big homes available for sale with small price tags. 

Hey @Adriana McLaughlin - I am not a tax expert, so I am tagging @Steven Hamilton II and @Aaron Zimmerman both local Chicago accountants.If you are even considering becoming a real estate professional and leaving your W-2, it sounds like you already have your answer—you should totally do it!

You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your areaYou can also tag your location on all posts.

If you look at the members 'tag lines' here you will see several that are in the 'Self Directed Business' too, who all seems very competent from their posting.

Quick side note, their last months rent is not currently in escrow due to the tenant not being able to provide identification.

An LLC and IRS Employer Identification Number can be used to open a business bank account. 

I've successfully completed my 1031 with Rent to Retirement, and I must say that from the initial sale, to property identification, to closing on the new rentals it was pretty much a cake walk. 

We’ve learned the hard way that sometimes, the best choice isn’t the one with the highest price tag.

(EDIT sorry for tagging on to a zombie thread...)

To file Form 1041, you would need to obtain an Employer Identification Number (EIN) for the estate.IRS Reference:•Final Form 1040: Report income up to the date of death (per IRS Publication 559).