Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Nonetheless, the rules regarding how losses can be used to offset gains can vary by state, so it's advisable to reach out to a professional tax advisor that can recommend solutions based on careful examination of your situation.

Depends on what you plan to do with it.

Like others have said @David John Forliti, it is very area dependent.

Definitely depends on lots of factors - I would strongly suggest learning how to do basic modeling/underwriting and projecting the cash flows out in different scenarios 

Indeed, and depending on a variety of factors you can even use them to offset your w2 income 

It's a bit vague and I know it depends on the commune, but willing to get some help on who is currently doing it.

Depends on where you are located.

After that, you can explore options.I suppose it really depends on long term goals. 

Depending how much you earn you can step up those savings by getting a side-hustle in any part of real estate....working for a top Real Estate office on weeknights and weekends, working for an RE Investor, working for a General Contractor and learning a few skills, etc.