So if your main job is a W-2 job, you probably don't qualify.But that's still not all because in addition to REPS status, you also have to qualify as having material participation in the K-1 business to make it non-passive income. 

Pay off your credit cards ( the bank can do that for you with the proceeds) and start aggressively paying off that consolidation loan while making sure you have reserves for the three doors you now own. 

They look good on paper, but the realities of low-quality renters, high crime, unscrupulous vendors, and other problems can destroy the investment value.Some landlord insurance policies have burglary as an additional rider you must add on specifically.

I would suggest researching 10-15 banks and credit unions in your area (just google "multifamily lending in X area" and see who pops up) and talk to them.

I do agree that if you can find something you can fix up and add value add it would be ideal.

Additionally, there's a fixed self-employment tax.Income Tax: 22% * $70K = $15.4KSelf-Employment Tax: 15.3% * $20K = $3.06KTotal Tax Due: $18.46KRemember to account for any state taxes as well.To defer taxes entirely, you could utilize a 1031 exchange, which allows you to reinvest the proceeds from the sale into a similar investment property, thus deferring the tax payment until a later date.Example #2: Long-Term Capital GainsNow, consider a scenario where you hold onto the property for over a year.Project Details:Property Cost: $70KRenovation Costs: $50KResale Price: $200KProfit: $80K ($200K – $50K – $70K)Since self-employment tax doesn't apply, you only need to calculate the long-term capital gains tax.

These were my first two fire rehabs ever and I find it interesting that melted pex was credited for saving both of them.

)  - 60K in cash for downpayment +more for renovations- Strong local connections with contractors of all trades - Ability to get building materials at cost through family/business connections- Have a strong eye for style and design (Tends to lean on the high end of things as that is my business)  - 750+ Credit.

In addition, I included my plan strategy in the attachments. 

In addition, it is remarkable what people will spend for accountability groups.