But you also have to track your material participation time in your property(s) if you're trying to qualify to use your real estate tax loss to offset your other income. 

Hiring a Manager: Decide whether you'll manage the property yourself or hire a property management company.Tenant Screening: Develop a tenant screening process to find reliable renters who meet your criteria.Legal and Tax Considerations:Legal Structure: Consider forming an LLC or another legal entity to protect your personal assets.Tax Implications: Understand tax deductions available for rental properties, including mortgage interest, property taxes, and depreciation.Networking and Education:Real Estate Forums: Participate in forums like this one to learn from experienced investors and ask questions.Local Real Estate Groups: Join local investor meetups or associations to network with professionals in your area.Continued Learning: Attend seminars, webinars, or workshops to stay informed about real estate investing strategies and market updates.Starting with a rental property while keeping your condo as an investment is a great way to begin building wealth through real estate.

Sadly you would need to either have a spouse qualify for REPS (you cannot due to w2) or either make under 100k per year so you can deduct up to 25k of losses per year and actively participate(this is different then material participation). 

It is an entire program with participating lenders, and the process should be started before you start putting out offers on properties.Read more here:https://www.nj.gov/dca/hmfa/roadhome/index.htmlIf you need funds to close, I would probably suggest starting the process for your 401k loan now.

The plan was to buy after 1 year, then covid hit, market was crazy, they did not want to "participate in the madness."

Many states --- including Pennsylvania --- recognize what is commonly known as "participation theory," which holds owners/officers personally liable for the corporation's torts if they participate in them.

I have participated in my fair share of residential syndications.  

I am 16 months in and proud of the success I have had but I feel like It might be time to focus on using my money wiser if at all possible.  

I also participate in market and manage two properties in louisville(Growing a small portfolio.)let me know if you had more questions,shervinrealtor.com

My situation is that my STR averages less than 7 days, I have material non-passive participation, so that I qualify for the "loophole".