@Landon Sheveland How exciting that you and your wife are taking this first step in Real Estate! 

I laughed when I read that you added value through "Pain", which I assume you meant, Paint ;-)This shows that you are going to hold this investment.

I deal with a number of CA investors that take this same approach. 

Go to this link, the IRS Form 1065.

For a new investor, events like this are a goldmine.

The training becomes less about actionable content and more about a grand vision—"how this idea will change your life"—but with little behind it.When the idea loses steam, the lifestyle gets sold next.

I would like to continue using my excavation company and network of contractors as a vessel to push deeper into this realestate thing.

I agree with this. 

This is a great place to learn and to connect with people so take advantage of all the great resources.

This all depends on the property.