I'd start by pulling properties that are under contract that match your property criteria, dont be afraid to reach out to those listing agents and ask them to let you know if the deals fall apart for any reason. 

As I'm not sure whether they will close, I usually build in a safety net of one of the choices being a Delaware Statutory Trust just in case the targets fall through. 

Agent is watching in case it falls out of escrow.  

Both of the previous posts are incorrect, which is why it's important to retain and consult a tax advisor.If you pay a lender $600 or more in interest during the tax year through the course of a trade or business, you should issue them an IRS Form 1099-INT.The post immediately before mine discusses IRS Form 1098, which is an obligation that may fall on the lender and is irrelevant to OP given the context.

I'd be inclined to refi just to get out from that high rate, especially if the buyer falls through for any reason.

It was a great house that was Victorian and the old woman was a hoarder and had let the house fall down badly.

Thing is, you won't ever know it until something happens and it all falls apart.

So while this is Investment Income, it's not Passive Income (for the strict IRS definiton of the term).Likewise stock investing is Capital Income, not Passive Income, under the same definition.But your rental property will combine with your passive RE Venture, in you example as those both fall under the definition of IRS Passive Income/Loss.

@Tyler ScottIt would seem that if someone acts as a wholesaler individually, he will probably fall under the radar of the state real estate commission.

Today i cant drive past an apartment building without trying to see the deal that lies within, i will pull off the highway if i spot a building i haven't seen before (drives my wife nuts) i keep a camera and a note pad in our vehicles.As @Joe Villeneuve alluded to above come up with a plan on what kind of investor you want to be, and work that plan tweaking it as you go and keep moving forward, everything else will start falling into place.