Active = Income earned from Material Participation.Whether that's SMB, W-2, contract income, or prof real estate.This is income where ordinary tax is paid and losses offset other income.

So you may not NEED a lease signed for your primary residence already, especially since that's a lot of stress to find a new tenant and have a lease in place while you're under contract on another home.

There is much to learn: pricing, marketing, screening, contract law, lease enforcement, late/unpaid rent, property abandonment, squatters, maintenance, tenant neglect or abuse, communication, and 417 other things.Buying a decent property but not managing it well can impact your finances, marriage, sanity, physical health, and desire to invest.

I had an investor that was willing to put it under contract and then it nearly fell out when he asked for too much from the business owner.

As an example, and I have had it happen multiple times; we put a property under contract with a new investor and when we send them the wiring instructions for the EMD to be held in HoltonWise's trust account, they get so excited they (unprompted) just go ahead and wire in the full $100k or so purchase price amount instead of the $1k or $2k EMD.

Is the mentor going to actually walk the deal with you, negotiate contracts with contractors, etc with you?

.- Getting under contract and then reducing the price because of findings is common, but major reductions are likely to tick off the seller unless you have strong justification.

You can (delicately) begin talking to these tenants now that you're in contract.

If you actaully put the property under contract, the cost associated with that porpety can be taken as captial loss.Replacing countertop could also be repair.

Knowing this information will help you identify the right professionals to bring on board.At minimum, your team team should include:Financial Advisor: to help with investment strategies - portfolio diversification and risk management.Real Estate Agent/Broker: to help with property acquisition and market analysis.Accountant or Tax Advisor: to help manage financial records, tax planning, and optimization.Attorney: to provide legal counsel for contracts, agreements, and investment structures.Mentor or Coach: to offer guidance, insights, and industry knowledge.Networking and Relationship Builder (for everything else you will need): to connect you with potential partners and collaborators.