I will be glad to be of support to your business.

OP, I've actually had a client was in the business of buying and re-developing medium-sized hotels. (20+ rooms, mom-and-pop owners, value add)He used a cap-rate and was familiar most real-state metrics but he instructed me to do this:Take net revenue and times it by 3.

If we were to put it on the market again, I'd estimate at LEAST $10k to get it market ready for new carpets, appliances, paint.Knowing the condition I rented to him before, currently it wasn't anything I could make a case that wasn't "normal wear and tear".If I don't take this into account, I'm over-shooting for a client that is underinvesting ........and there will be negative return on his investment home.

My biggest hurdle right now is mustering up the courage to take the first step, or leap as it may be.I really appreciate everything that I've seen here already and appreciate any encouragement, support, advice that anyone can give.Thank you,Kory Callison

Sure, you can classify yourself as a real estate professional or setup a property management component and pay yourself a salary that could convert that passive income to earned income, but it generally does not make sound financial sense to do so.The gig work could potentially support a Solo 401k.  

This response neither constitutes legal or tax advice nor establishes an attorney-client relationship.

@Josh Mitchell I think you have chosen a great niche, especially if you have potential financial support already lined up.

Wish I were closer, I'm in Terre Haute and about 85% of my clients are investors.  

I've been working as a real estate agent, helping my clients to buy and sell houses and manage some investment properties.

I am a person to come to for direction, inspiration, and support.