@Matthew McNeilI would add to your requirements that the Investor does NOT need the cash flow.If they need the cash flow, then this will NOT work for them.This narrows down the kind of Investor that should follow this strategy.The only added Caveat I would say is that I include your JOB as a cash flow.So if you are making a lot of money in your profession, then how is an extra $100 per month or even $1k per month going to somehow help you?

I can still maintain my profession as an attorney because for the most part I have hired staff and set processes up that don't require me to be part of the day to day operations.

Our professions are not related to real state or construction, and I never had to constitute any kind of company in the USA (did back in Spain, but laws have nothing similar).After much reading, the only two things I'm starting to get clear are: that buying and selling within a year has very different tax implications than living in your home for a few years then selling it, and that I should find at least a good CPA and possibly a good lawyer specialized in real state to figure out how to structure this to minimize taxes and liabilities.At the end of the day, my goal remains the same that I want to end up with a couple of investment properties, don't necessarily need to base my retirement on that, but just to not have all my eggs in the same basket.

@Kurt Defenbaugh you can definitely use paper losses from LLC's you are a member off to offset active income from your profession.

The general idea is that mastering anything - from your profession to your relationships or hobbies is a continuous path, and never a destination.

It's pretty easy to see by these posts who has worked with General Contractors successfully and those who have not.When folks condemn a whole profession because they've been "burned" at some point in the past, it just shows how ignorant they are.Of course you need to research whomever you are considering working with and General Contractors are very easy to assess once you know what to look for.Instead of complaining after the fact, get better at conducting your own due diligence.Contractors, like ANY profession has some bad players, BUT it's your fault if you haven't done the proper research.Just a thought.

Contractors took one of the biggest hits of any profession during the last crash and the ones that survived have barely made it so.

Lawyers as a profession are conservative by nature in their practice, and it even took me a few years before I spent the time to learn the TX series LLC statutes and offering them as a service. 

It allows you to diversify into a portfolio of homes as opposed to putting all of your proverbial eggs in one basket.Be cautious tho as over the years I have witnessed countless investors buying properties in crappy areas, for more than they are worth and being passed on to crappy property management that nickel and dimes them to death (I guess all of those 15% "awesome" paper cap rates and promises of financial freedom aren't that awesome after all...)This is not just true for real estate deals but life in general (Your "piece of paper" degree does't necessarily dictate success in your chosen profession or your business)Real life experience is different to what any "piece of paper" says.In all reality guys it takes time to build financial freedom, and the more you can diversify your risk across multiple properties in your portfolio the less risk you bear in the long run.I may not be the smartest Aussie you have ever met, however I do understand a few basic rules that I follow on every acquisition I make.Strength in numbers, cash only, patience, and discipline.Let's talk about Strength first.Price point plays a big part of "strength in numbers" as it is safer to acquire 5 homes for a total of $350,000 as opposed to one for $350,000.What happens if "that one" property goes untenanted for 5 months?

You don't have to do this as a profession, but you asked how you can go forward.