After reading Rich Dad Poor Dad twice and Loopholes of Real Estate this week and listening to real estate investing podcasts like The Real Estate Guys, Bigger Pockets, and Rich Dad Radio, I feel obligated to share what I learned..1.

If not then you should keep playing by the rules.....there is no loophole other than fraud.

I found a loop hole since I am building on such large lots .

Requirements:- Loophole savant - someone who understands the lay of the land so well that they can prescribe legal loopholes when available to improve a deal- Fair & Just - has morals and does the right thing- Executes like lightning - has the team/resources to move quickly to get things done RIGHTIf you have a person who can be a fit please send along their info.

Good morning, BP.I'm at the point in my real estate investment career where I'm looking for a real estate lawyer who will review some documents I've made, which include:Fixed/month-to-month lease agreementsEstoppel certificatesPet addendumsTenant applicationNotices to quitWhat other forms should the lawyer inspect in order to close any existing loopholes, add clauses, and carry out other necessary revisions?

With REPS or the STR Loophole, your passive losses become active and go against your other active income. 

If i were to airbnb it out for the last few weeks of December, would i be able to use the short term rental loophole to do bonus depreciation on the property (with a cost seg of course)?

Result: you shoot yourself in the foot and kill the STR loophole. 

Based on a BP episode I listened to recently, this is only OK when I (or my spouse) am a real estate professional, or I am using Short Term Rental loop hole. 

One can be a real estate professional but still not have the ability to deduct losses related to rental real estate if they do not materially participate, by grouping the activities or otherwise.The write up that Michael provided above is a great guide on the topic for anyone thinking they found gold with the STR "loophole".