If implemented and maintained properly - which means support from a quality firm - there is little risk of IRS compliance issues.Should someone take their entire nest egg and bet it on a new business?  

Improve our nest egg (right now, it's very small due to the fact that we have 4 small kids and 1 income)and2.

Therefore, I would like to learn the ropes of real estate investing, with the goal to replace my income and build a portfolio of investments that will continue to provide for us through our retirement years, as well as providing nest eggs for my children to begin their lives.I have contemplated this path for several years, on and off but never really considered it a real possibility.  

Especially for those who need to "nest"...

It's just my personal opinion , but if it were me I would flip some house first and get a nest egg.

I too agree with the others, get a job that pays your rent, and use the flipping strictly as a nest egg builder.

You would be surprised how many people get great shocks when they move in that they did not know about the evening noises from neighbours, or birds, or traffic or...A couple of miles away from where I live there are some really nice houses right alongside a row of trees that nest hundreds of small parrots.

Leverage your nest egg to acquire investments that will build your net worth while you sleep.

At 100 years old you could have a rats nest of dicey repairs with electrical, plumbing, etc.

So the main goal for all of us in this venture is to build a nest egg for our kids.