I currently work as a consultant, and have the flexibility of living mostly anywhere in the lower 48.

I recommend consulting your attorney in all matters related to the law.Ok, I assume that every state has its own laws governing real estate but, I believe that in some states a listing agent is not required to present certain offers if the seller signs an agreement to that effect.  

So far, I have not depreciated my property in Schedule E as my tax consultant never did and I was not aware about it.$5000- $6000 loss after payment for landlord insurance ($1400 per year), HOA (510 per year) includes all operating.For example, last year rental income was $24,649.1 and Paid property tax $8,745.45, Expenses $4,680.55 which includes property management fee, maintenance and other misc. expenses, Paid $7,913.96 principal amount and paid interest $7,170.76 so lost around $5,700 as negative cash flow.My loan terms is 20 years for 3.5% interest rate and remaining loan term is 18 years. 

Lee, of course I have to begin my response by saying, "consult an attorney on all legal and tax matters". 

I know I know, not legal advice, consult the lawyers, yadda yadda yadda, just looking for personal opinions.

the rep below is the loan consultant. if anyone has any input i'd really appreciate it. 

Hello BP Members:I would simply like to extend an invitation to my Open LinkedIn Professional Network:http://www.Linkedin.com/in/AlanBrandtIf you could benefit from a free consultation regarding: STORM DAMAGE prior to your Statute of Limitations (COML/RES)... bring you up to speed on ENERGY STAR SOLAR REFLECTIVE COOL ROOFS... or extend the SERVICE LIFE of a building's roof... feel free to contact me.Positively,~ Alan

My wife (IT architect) & I (Mgmt Consultant) work full time (& intend to continue to do so) and have decent savings/emergency funds and think RE would be the best to park long term savings bcoz 1) Generate additional income in long run 2)take advantage of tax deductions (depreciation etc..) 3) Long term financial security.I am looking for a Realtor who specializes in REI properties. 

Besides what Ed said your agent should be a consultant in a wide variety of fields.

I would consult a real estate attorney before acting on this however.