If you're just getting started I think you'd be hard pressed to skip over San Antonio based on price of entry alone...Obviously every market is competitive right now but I think you'd have a better shot here especially being an out of state investor.

According to the SEC's press release, "the amendments allow investors to qualify as accredited investors based on defined measures of professional knowledge, experience or certifications in addition to the existing tests for income or net worth.

You report your income and expenses on IRS Schedule E so download the publication for that schedule from the IRS website and review it....also, Nolo Press has an excellent book on tax advantages for landlords that is worth reading.

If you're pressed for time to complete the first one and also find new tenants, delegate that function to a PMC also.JUST BE CAREFUL WHEN HIRING THE PMC!

Every time a person has argued about getting "bullied" on fixing a property, when I press for the required repairs, they are always legit, things any intelligent landlord should have done anyways.

When pressed for tough answers I've found many responses to be rather evasive or vague - a sure way to get a "dial tone" from me :-) One in particular had gotten into a 'program' that was rather brilliant (at least from an outside perspective once you saw how the thing was actually structured)... essentially an internship that the intern PAYS the sponsor to learn the ropes, then go out and hustle your contacts for funds in exchange to be a GP - and sign a note!

You will be hard pressed to find a single investor, company, etc owning the majoring of homes across the US.

At the end of the day, it's a money game for them as well - lose you as a client (plus bad press) vs. paying $1,500.

If you have the ability to continue storing cash at that rate from your current profession, it may be wise to wait for a shift and full-court press at that point in time (but who's to say exactly when that will be). 

I personally wouldn't do the real estate license yet, because, financially, you have other things that seem more pressing.