If this is your first property, you could consider starting with a smaller apartment building and going after the opportunity first, and the property as a secondary consideration.

However, if you're a W2 high income earner or business owner, I can't imagine it makes any sense to flip houses, mail mass post cards, wholesale, or build lead gen websites with the value of your time being better spent other places (such as learning about real estate and increasing your income through proven means), such as at your 9-5pm or growing your business, and your real estate is a long term process and you don't need "home run" deals to qualify or make it work.

Proc. 2002-69, 2002-2 C.B. 831, for special rules applicable to husband and wife state law entities in community property states.

Otherwise, if you are referring to ETF's such as Spiders, or QQQ, the the holding period rules apply.

I am from out of state so wanted less maintenance in the short term while I build my portfolio and grow to the point where I am comfortable hiring a manager!   

So house for house, apartment building for apartment building.Have your parents considered renting the house they are living in for two years and moving back into the rental unit for 25 months.

Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area.

Purchase price: $1,500,000 Cash invested: $35,000 4-Unit building in Wicker Park, Chicago. 3-unit front building with a duplex up and a back brick coach house.

If any one can recommend a good REI focused lawyer or a building engineer to do a building survey then please let me know! 

However, you can still depreciate the remaining basis under standard MACRS rules.