I also have my day job which could pay for it if need be. 

I will suggest a conventional loan or an fha both to be owner-occupied - I will stay away from DRSC and commercial loans at this time due to the high rates.

Guy lost his job and has a foreclosure sale date in 30 days.

People who have a W2 job are likely not going to qualify.People who manage their properties full time shouldn't have a very difficult time qualifying if they are truley involved with day to day operations.

But as soon as your day job annual income exceeds $150,000 that goes away....Is there some box on Schedule E to check that tells the IRS that I am a "real estate professional" which magically undoes the Passive Activity Loss rules? 

I would suggest Wyoming to do the holdings company in and this is for anonymity. 

However, I do not think that that time is now.If you're looking for properties for MTR/STR, I would suggest looking east of Dixie Hwy (this property is on the west side).

I would also definitely join a local real estate club as was suggested.

If you are just starting out I would suggest just using the state form.

I would suggest finding a 3rd party contractor who specializes in the software to help you with the transition.