Biggest lesson learned is to have pictures of your TV and DVD remote controls on your phone, so that you can reference them when trying to explain to a guest how to use them. 

Re-hab’d for a partner in Sacto, CA back in the 80s - before Fix-N-Flip existed on TV - he had the money, I had the construction skills.  

We've got a really prominent attorney out here, guy spends millions on TV ads every year.

If the answer to #1 is yes, then you have to decide how that compares to all other leisure ways you can spend money - because all money, eventually, is/will be/should be spent on something.

We put a couch and a tv in there because we figured it would be a great place for kids to segregate themselves from the adults, or just any group who wants to watch something different than the people in the living room.

- Watching a TV show or a movie- Reading fiction or non fiction?

It'll more or less be treated as self employment with the lesser of the average of the most recent two tax years over 24 months or YTD earnings over N completed months in the year, with one-off exceptions to the latter for industries known to be seasonal.... those reality TV Alaska fishermen making $100k in 2 months of work can get mortgages, and real estate agents can get mortgages in February even though their YTD is often $0. :)Start getting a detailed list of employer start/end dates together along with all W2s/1099s.

Real estate is a get rich extremely slowly scheme, despite what late night TV commercials suggest. 

Real life isn't TV.

Wholesaling for the most part, the S you hear about on tv, internet gurus is baloney....