There are really great REI opportunities in different markets - markets in the Midwest and Southeast of the country are particularly lucrative - where not only are the purchase prices reasonable for most RE investors, but the homes are turnkey (new builds or completely rehabbed homes, tenant ready, systems 10 years of life remaining on them, property management teams in place) with appreciating home value AND appreciating rent.

There's a good chance the issue(s) you face has already been discussed and answered.Ask questions in the appropriate forum.

He also told me he probably wants to re-negotiate the balloon payment because he doesn't want the bulk of the capital gains all in one year.

Unfortunately NY requires a RE license to wholesale in the state.

It's a more involved discussion that requires one on one communication and no, joining a "community" does not prepare you.

Here are my thoughts re the areas - wishing well hills is convenient to downtown, midtown, etc.; Brookwood is a great school district so the property can attract families/renters; Smyrna is the area in Marietta that has properties within my price range. 

It also is helpful to have a California LLC in case you ever sell that property and move into another state so that you do not need to form a new LLC altogether with new operating agreement, just re-register in the new state as a new foreign LLC.

They need to be high traffic areas in "trendy" parts of the city, or the alternative is what this forum is discussing being near Cleveland Clinic where travel nurses can be a large part of your tenant base.

Would that lower our tax liability from other income we receive or no because this is purely RE and not an operating business?

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!