I am interested in investing in something a bit more passive as I am getting older and, while I love the real estate asset class, I do recognize the need for multiple streams of income. 

Depending on your debt to income, you might have to sell or have an executed lease to secure financing to buy the second home.

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

Analyze properties by looking at gross rental income, operating expenses, and the debt service coverage ratio (DSCR above 1.25 for rentals).

This property gives me significant income, so losing it would be an extreme loss.

If you don't care about income and are more of a capital gain kind of guy, prices are already high (as you noticed) and there's plenty of land available to buy so I'm not sure how much is left in the tank.

Lastly, always keep your job and build your employment foundation because that keeps you income relevant and lendable.Hey thanks for your reply!

Tons of returns set this system off: errors, no income lots of expenses, disproportionate expenses, etc.When all that is done, IRS has a budget for how many returns they will put in the audit queue.

Just make sure you use a very honest agent that doesn't sugar coat anything and check the crime statistics and household income.

It’s personal to the employees, who are directly impacted by the work culture of the business and rely on it as a source of income.