I recognize we will not be able to offset active W2 income,  but if we do purchase an investment property that has some net positive cashflow, what are the types of tax benefits/offsets we can get? 

A full-time position just hasn’t come my way yet.I recognize that in theory, monthly mortgage payments shouldn’t be an issue since I’ll be househacking, I would just rather comfortably afford the mortgage if everyone somehow decides to move out at one time.

A 1031 exchange can be a good option because although there is no cash involved in the deal, you would still recognize a gain based on the fair market value of the properties being received over the basis of the property you're giving up (if it's a gain).

Let’s recognize where we are and the effects.

Recognizing the red flags with Contractors is a must-have skill!

California does not recognize series LLCs.You also want to look at whether a pass-through entity helps your bottom line and your taxes.

It’s essential to recognize that all investments carry assumptions and risks, but informed decisions are based on historical data and trends.

Once you recognize a capital gain, there are ways to invest that create passive losses to offset these passive gains, but that can only happen if you have capital gains in the first place! 

Lastly, I've also read that bonus depreciation is not recognized in the state where we live (same state as where the properties to be sold are located). 

Cities in the Midwest, Great Lakes, and South are gaining attention for their stable local economies and promising home value growth.Buffalo, New York: A Model of Stability:Topping the list is Buffalo, New York, recognized for the steadiness of its home prices and a recent surge in job opportunities relative to new home constructions.Cincinnati's Rapid Home Sales:Cincinnati stands out for its exceptionally fast home sales, with properties going pending in just five to six days for most of 2023, indicating a high demand in the market.New regions take the lead in the housing market.