The ones with the sponsors who can answer your questions, demonstrate that they're of impeccable character, and who can deliver projects with large margins of safety while exceeding what your risk capital can capture in the public securities markets.  

The real estate professional designation and the demonstrated expertise is important and its possible that they make wholesaling illegal without it at some point.

Let's say a rental property gets 12k in rental income, passive.Cost seg gets 50k, resulting in passive activity loss of around 38k.The amount of passive losses carries from the Sch E to the 8582 to determine the loss allowed.In this case I assume no other passive activities and no active participation exception.In this case the amount paid for the cost seg is worthless and may be for several years, especially considering rent may stay stable while other expenses have not been accounted for which add to the depreciation carryforward and add to the chance of limitation (in this very over simplified example).No losses are allowed on Schedule E, which flows to Schedule 1, to the front page of the 1040.Again, just a simple demonstration of the flow of the return.

@Joseph M.As this crisis clearly demonstrated, local is not necessary.That said, your local one is @Linda Weygant - find her on this forum

Non- Recourse loans are generally 3 - 5 year ARM's, and most non-recourse lenders will require the IRA put as much as 40% down and have a cash reserve, and be able to demonstrate the property is income-producing.  

I probably wouldn't have rented to her but she's been there paying rent for four years; She's demonstrated that she can do it.

Just demonstrates that government is wasteful and the only way to really build the east side is to incent local investors and real people actually involved in building the infrastructure there.

In essence, this would allow creditors to "pierce the veil" and seek recourse beyond business assets to owners' personal assets.The creditors may be able to establish that the organization is merely an alter ego of the owners.This may be demonstrated by making personal purchases with business assets.Making personal purchases from business accounts such as education expenses or daycare.Receiving deposits to owners SSN instead of the business EIN.Lack of documentation such as 1099-NEC's for amounts paid to contractors by entity.Thinly capitalized organizations.Lack of formal proceedings for some types, such as minutes from meetings or officer selection if a corporation.Personally guaranteeing otherwise nonrecourse loans.Paying personal and business expenses from one account.State laws are generally the relevant guidance in establishing the condition that allow for a disregarding of the division between business and personal assets, much of which can be gleaned from case law.In essence, avoid the commingling of funds.

If the agent has done his/her job properly, he/she has demonstrated meaningful value to the buyer and has built up a level of trust.For example, I spent a lot of time talking buyer clients OUT of properties. 

Also to start out demonstrate you know the basic "language of real estate" since there is a lot of terminology to learn.