We do want to settle in a little bit here while continuing to do our homework, but hope to get into something in the next 6-12 months.With the way interest rates are looking now and what little I see on public listings, I think a smaller multi-family that needs a little rehab would be the best bet. 

We are actively managing two fund offerings, one focusing on real property (REO and off market properties), the other focusing on Pre-REO (vacant first mortgages).

What's the activity level been like?

Sounds like this could possibly be a Schedule C activity so keep self employment tax in mind.

And you better bet they'll find out if you have a big loss. 

A lease will not guarantee that your tenant will pay rent.The more active and proactive you are, the better everything will go. 

In Central Jersey where the majority of our sales activity is, the towns vary widely in enforcement of this. 

I am actively expanding my STR consulting business!

Personally I wouldn't feel comfortable trying to wholesale a relatives $1M home knowing that I am breaking the law if I cross over into doing anything that can be considered representing them in the transaction, and knowing it will only be marketed to people who buy properties wholesale (typically investors who don't want to pay retail prices), instead of the majority of retail buyers active in the market who are typcially willing to pay more. 

I've been active in Indianapolis for nearly 10 years.