Hi guys, my name is Alain,Complete newbie to REI, but am currently reading 1 book a week to catch up with the game!

Due diligence is the name of the game for investing out of state.

It seems to be more an anti-gauging legislation than anything else. 

@Nick Belsky great point, also some syndicators have more "skin" in the game because they believe in the investment that much

Many people do this, for example, buy helping aunts/uncles/family friends with retirement accounts from previous jobs set up a self-directed IRA which can then loan on the project (though see handsoffmyira.com for an important and immanent legislative threat to this funding model).I honestly feel like a lot of it does come down to the purchase price though.

Encourage each other and assure one another that you are in it for the long game, not so that you can brag to your friends that you are investors.

Get the marketing going, get some experience on the FIND side of the game.

I am new to the game so maybe im looking at it wrong I hope not.

I'm suspecting that it does not because I don't see how a carry back would work for PALs.No, passive activity losses is a completely different game from NOL.

Also my end game is to have my own property management company, not just join a property management team under a broker.