I could probably rent it for $750-$1000 per month over what the standard monthly costs are right now (not including vacancy, maintenance, management company, etc).

Hello, I am wondering if any real estate attorneys can please shed light on whether my current job status would qualify me as a "real estate professional".Specifically, my full-time job in which I work more than 750 hours a year is as a mechanical engineer for a engineering consulting company.

The IRS cross-references your 1098s with claimed deductions, raising concerns if discrepancies arise.Private Lenders and Forms 1098: Private lenders are required to send Forms 1098, but only if they meet specific criteria:The private lender operates as a “trade or business,” distinguishing professional lenders from casual lenders like friends or family members.The loan is issued to an individual or a disregarded single-member LLC.The loan is a mortgage secured by real property.The annual interest paid on the mortgage was $600 or more for the previous year.The conditions leave some room for interpretation, particularly regarding the “trade or business” clause.

I think turnkey rentals are a good option, but you have to be very careful with turnkey companies.

I know there are ways to get your credit back on track more quickly.Maybe start a thread on here asking which credit repair companies can help you out?

How do I find a title company that will know how to handle seller finance or subto?

Shall I open a company and do it through said company?

Thanks I own a mortgage company in Florida.

And having been CEO for the last 6 years, and with the company for 10, I have observed some nuance:- The guy with two units in Mississippi sometimes has no debt and has spent 1,000 hours learning, knowing their stuff.

Some of my most successful clients have done exactly as you described they had a JOB with a REIT or developer and learned their craft before launching out.Trying to get this type of education paying  companies that just sell short term training is very hit and miss.