My job for this investor (who is an agent and interior designer) was serving as an analyst, constructing proformas, consulting on my opinion on macroeconomic markets and outlooks for real estate, consulting on microfinancial decisions (I am an Economics major with a specialization in International Macro-Finance & Econometrics), and managing day to day duties of rehabs on site.

New entrants to the landlording world will likely be most affected due both to learning curve and cost basis.Since you are in Kitsap CO,  Bremerton is probably your best market for investment real estate;  there are usually several small rental complexes available over there an any given time;   its certainly on my radar  (as while I'm in seattle,  I will no longer invest in seattle) but there are also other secondary/tertiary markets that might be worth looking at;  just make sure that the area has a decent economic situation,  and/or the property you invest in is substantially more desirable that most of its competitive segment is so that if things soften up economically,  you are still holding a property people will want to live in if they have lots of options.There are also other types of RE investing - commercial, out of state, flipping,  etc which depending on you and your husbands interests, skill set, and risk tolerance could be worth looking at. 

I'd be curious to hear your thoughts from a supply/demand perspective and the idea that deals are going quick because of larger pool of hungry investors (or is it more of a macro-economics things)?

Do yourself a favor and learn from an expert and not other newbies..

Thank everyone in advance.Once you know what you’re doing and become an expert with construction and renovation costs you can get a very good idea of what a project will cost by talking to the owner or realtor and looking at photos.

Dallas has a rep for maintaining a pretty even keel during economic ups and downs as well.

If I consider it this way then we are losing money.Should I change our tax status to just LLC without S-corp because it makes it more complicated and not economically advantageous?

No, it just means they have not been tested during an economic downturn.

@Jonathan L Berhow-Rivera you need to talk to @John Woodrich he is the expert on all things tax and real estate related. 

Keep that cash though - you havent lived through bad economic times and been thrown out to the wolves.