Visit with people there and you'll get a more detailed look at things from people actively working in the areas.

That way you know they are active in the BP community!

Good thoughts as we embark on this New Year.....our time is precious and should be valued way more than most people do.One of my favorite sayings - "Money is a replacable commodity, time is not"

In your scenario, claiming that $117k depreciation deduction could lower your taxable income from $700k to $583k, which is a huge benefit in the short term.As for the RE pro status, if one of you becomes a full-time real estate professional, you can potentially offset active income (like W2) with passive losses from real estate. 

Jay, I am not sure what the market really looks like for builders in Midland-Odessa but it is crazy that there is not more activity in multi-family in that area. 

I just appreciate the responses so far and hopefully the back and forth replies may be able to clarify and help investors who want to be more passive than active find investing opportunities that fit their personalities and their goals.

Once you think there is no law pertaining to the activity then the work begins this is a belly to belly business your not going to do this on E mail and text messaging .. you will need to be able to sit down with these folks or it will never happen.

Padsplit may also be an option if you want to be a little less active in managing. 

With that said, I have personally seen a lot of activity in the last two weeks.

I've been in the investment space almost 9 years now, and been actively investing in flips myself, the last year.