It's essential to do your due diligence and perhaps consider investing in more established or upcoming neighborhoods.Property Taxes: New Mexico's property taxes are relatively low in comparison to other states.

The limit is "three unrelated people" and cousins are not considered related under this code.

WIth that said "passive" is relative lol. 

The rules are designed to prevent related parties from engaging in exchanges that shift high basis property for low basis property, followed by a sale of the low basis property, effectively "cashing out" without recognizing gain.If you sell a property to a related party as part of a 1031 exchange, both you and the related party must hold the exchanged properties for at least two years following the exchange.

I did have a relative living there and my wife went to school there so I had some familiarity with the city. 

Usually conservation easements come with Huge tax benefits for the party putting the property into a CE.  

While I do not have an official W-2 currently, I do have a steady income, great credit, and have money saved as well from working since I was 13 years old.I relate to Ian Kay in his journey but also am very determined to make my goals/dreams a reality this year by July 2025.

It’s worth considering self managing as a STR for depreciation benefits if the demand is there 

The best way to connect and learn is to be in rooms where it's going down.In terms of captial your best bet is to focus on a primary income that cash flow sufficiently, saving as much as you can and doing something real estate related so you can get familiar with the industry.

Ask if any of the contractors are related to the PMC's employees.