The last time we owned a rental was about twenty years ago.  

Holy cow, since when should a new investor plan for a twenty percent response rate?!?

I'm twenty eight years old with a wife and two boys and I know real estate investing  can grant my family financial freedom and control. 

I used to live not far from you (Norfolk) for a little while in my early twenties.

The credits can be carried backwards on year and forward for twenty so, as an attorney with a good earned income, I can drastically increase my available money for further asset purchase for years to come.I have thought about the following potential downsides:(1) Holding for five years limits the exit strategy options.

With that disclaimer out of the way, I'll tell you that for the past twenty plus years, I've:1) Depreciated my rental properties, based on a 27.5 year depreciation schedule.2) Deducted fully the property taxes each year.

I've been mailing to probate attorneys for twenty+ years and know them pretty well in my market (California) and believe you'll have a difficult time getting your message through to a group that would prefer their clients list and sell via established channels.

You probably need about twenty you are interested in if you hope to get one.  

I am nearly 40 and I screwed around for twenty years before taking action Don’t be me!

He then asked, "How many of you would enter into a partnership again" All twenty dropped their hands.