I.e. you can only use 3 out of the 7 material participation tests to qualify the group.There is nuance involved and I would highly encourage you to have a deep conversation with your CPA before you start making business decisions surrounding this. 

Dive in with a four-plex that you can live in (house hack) and get a taste for it.

Luckily I already have some exposure to the risk of losing money from a bit of financial investing, so hopefully I'll be able to keep my head about me while I dive into this.Cheers

I lived it as a HML in that market as well as other cash flow markets of the deep south.. if they did not crash I would not have ended up owning 200 plus homes that I foreclosed on. some markets held better.. our little portlandia saw a 15 to 20% lower of the median.. and in the high end over 1 to 2 million it crashed 50% or better..

If the market takes a nose dive, you could be upside down in your home if you don't use the equity wisely to get maximum cash flow.

. , I see, with the dental school student loans you have a deep hole (but as my daughter says (MD), you have a pretty big shovel with which to dig.)Your devotion, discipline and delayed gratification will serve you well.

I already have a some properties I am working on but I am getting my license because I would like to get my foot in the door on more deals and dive into real estate full time.

Get someone on who made it through but lost it all in the 2008 downturn and take a deep dive on what went wrong in their business, how they could have better positioned and what they would have done differently to avoid crashing and burning with the market.

It was literally three feet deep throughout with rotting food etc.

Attorneys only chase deep pockets.