You could also convert your 401k to a self-directed IRA to invest those funds in additional rentals.You'll need to discuss more about doing all this with the proper professionals, but it is an option.

It sounds like your finances are tight as a young professional with a family, I'd advice work on increasing your W2 income, with more education or training.

We as a firm have investors working with us who have rental properties all over the US big and small.Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding.

I'm curious what experiences people have had taking tax deductions as a non-professional REI.

Readers are advised to seek professional advice.

Its not capital gains tax at all.So, none of what you just replied to technically works.Of course, consult a qualified professional... 

I got a really good vibe about his professionalism and although he did note that he is more on the expensive side, I think the services he provides and his reputation of being one of the best in the market warrant the premium.LIV Indy was also a great interview, although largely different than Harvey Property Management Group.

Hello all, I am reading on the real estate investing process and i plan to buy my first property with an FHA loan, however, as i am no one with any experience on rehabbing i have this concern of pricing.So when i find a property and get to the inspection part, i understand they find issues with the house, some which can be minor and others major.

@Abby Flynna few random thoughts-definitely stay local (for now) - you have a lot of great markets within a couple hours of where you are-it's very difficult to 'start' with a flip - flips take capital and you're going up against all the professional flippers who flip as a business-go to all the local REIA meetings within a 1-2 hour radius - find the ones you like - go to those regularly-call lenders and discuss loan options. 

It may also be beneficial to seek advice from real estate professionals or financial advisors with experience in this type of situation.