As a new real estate investor you have to establish some business goals, if you want to treat it as a business and not a hobby.  

Joshua’s point about local taxes and solo 401(k) options is spot on—it’s worth discussing with your tax advisor for a tailored strategy.

Both careers would see a sharp short term income loss, but once i'm established the money i'll make ought to be comprable to my next year income.

(Only if you are SERIOUS about real estate as your wealth/career vehicle.)Make sure you join a brokerage that is large, established, and has a reputation for top performance and excellent training.Once you learn the basics and get out into the field to see the state of the market, you'll learn the price points and be able to know a good/great deal when you stumble across it.I have made some of my best (most lucrative) buys from meeting with a seller who wants to list, and when we discussed the price, I knew it fit my parameters, so I bought it! 

Starting out you want to establish a team and visit wherever you go to invest. 

Establish an operating agreement for each LLC.

Definitely great questions to work with your advisors with when you are doing your estate and legacy planning with your children.    

This can be used to eliminate most gains of a long hold highly appreciated rental asset through 1031 + primary resident conversion to establish a more favorable ratio. 

Give me the boring option that promises a modest return all day.Yes ...The problem with syndication mainly twofolds :1. they are targeting newbie investors, many times with financial due diligence unawareness, these newbie investor doesn't know which syndicator has actually good operating company with established vertical or just two three people operation.

They cannot arbitrarily make wild gambles because they feel like it - they have to operate within established risk parameters that are approved by several regulatory bodies and internal controls.