It super easy you sign up to have a quick call and do a quick tutorial with a Rep and you receive a certificate that you give to the Banker/Loan officer.

You don't want to overstretch on the first one.In terms of evaluating quality deals, you won't know what those are for a while so you want to get as many reps looking at properties as possible.

If anyone is still interested in a REPS log I created one in a Google sheet with some examples.

Your first hire is unlikely to work out though, was you won't have a good hiring system in place. - So, recommend having that first hire document the crap out of what you want them to do.

Things in your tax filing need to be really off to do this.Being a REP/active participant and using cost seg to offset a spouses (or your own if that's all you do) W-2 wages is fairly common practice.

@Chris Mahoo Even without qualifying for Real Estate Professional Status (REPS), long-term rentals offer key benefits like depreciation deductions over 27.5 years, deductible expenses (e.g., mortgage interest, repairs), and up to $25,000 in passive loss deductions if your MAGI is under $150K.

U may want to talk to your account rep and get a clarification of this. whole notes it appears they do assign 100% interest to the investor .. and in my mind that is the safest way to do these. 

Speak to him before you hire a guru.Also, I went through the Michael Blank mentor program a few years ago for $30,000.

You don't need REPS for this.

What's the zoning on the property and do you have a relationship or contact with the local rep?