They would all be considered sophisticated investors. 

@Suly BolanosIn this order-InsuranceTaxes Payroll Utilities

You are not a sophisticated investor and  the numbers simply do not work and when a new roof, or other major expense pops up, and it will, you will regret having not sold.

Namely, you cannot afford payroll.

If company income predominately comes from passive sources (investments, real estate), you need to have 5+ full-time employees (read: payroll) to be treated as an active CCPC.

It takes a bit more of a sophisticated approach, but it can still be done.Hope that helps!!

I’m born and raised in northern CA (currently located in Oakland, CA) working for a startup company who helps set up processes/operations for other young tech companies (think accounting, payroll, cash management, taxes,...etc).

Beforehand it had never crossed my mind because, well, we were "sophisticated" investors.Since then we've never looked back. 

Zillow is a large operation with the resources to have well-trained economists on the payroll.

Usually the people who are active in CT are the ones who are active in southern RI such as Westerly.4 - Yes, my advice is, if you are a beginner, avoid buying at foreclosure auctions, the price will get bid up these days by experienced investors, and beginners lack the sophistication to understand the risks they're taking.