Thank you for this post its most interesting and if this is country wide then your looking I think at the same thing that brought down the US lending / RE market in 08  Neg am.. loans and folks that all of a sudden could not afford the adjustable rates.

The RE agent said the floors have large gaps, the flooring is bowing in the kitchen, and other problems that buyers notice.I've talked to realtors about the value of the 2 KS properties and they all say it's going to be hard to get anywhere close to what you paid for those.

U NEED your W 2 to qualify for loans full stop.. as your starting out. so just be realistic time freedom can come with a switch to full time RE agent you will get more free time but RE is very very tough.. and once you go self employeed you need two solid years of tax returns to qualify for funding..

I would need to re-do the entire bathroom.

By the way, I knew nothing about RE when I started, owned my home.The group, that is, sponsors in the group, did 50+ deals in 2018 and is trending toward 75+ this year. 

In Florida, you have to be a licensed RE broker to manage property for property owners, which adds thousands of dollars a year just to stay licensed: state required license fees, CE, insurance, Realtor dues, listing memberships, public-access office, etc.Additionally, property owners expect much more from PM's than in past years.

I assume your question means that you don't have any money of your own, to which my advice would be: go make some money first, then worry about trying to buy RE.

I worked with Sandra Aguilar, I local RE agent.

Your depreciation and other write-offs for the rental probably will not offset income, so you will probably have some tax burden to deal with. 

You will still have to write a check to the IRS next April as you will come short of the total tax due, but without penalties.Now, if you want to avoid having to write a check to the IRS next April, you have at least two options:A. prepay the expected tax from your paychecksB. implement one of the tax strategies that delay this taxBoth options require professional assistance.