I don't play the appreciation game. 

Please come by to a meetup if you can, I'm sure a lot of investors would like to pick your brain on how you got this far and you can pick other peoples brains on where you would like to go on your next steps in the real estate game.

Hi guys, my name is Alain,Complete newbie to REI, but am currently reading 1 book a week to catch up with the game!

Due diligence is the name of the game for investing out of state.

@Nick Belsky great point, also some syndicators have more "skin" in the game because they believe in the investment that much

Encourage each other and assure one another that you are in it for the long game, not so that you can brag to your friends that you are investors.

Get the marketing going, get some experience on the FIND side of the game.

I am new to the game so maybe im looking at it wrong I hope not.

I'm suspecting that it does not because I don't see how a carry back would work for PALs.No, passive activity losses is a completely different game from NOL.

Also my end game is to have my own property management company, not just join a property management team under a broker.