I told myself I would never let an attorney have the upper hand and set forth to become an expert in any endeavor that was my principal game.

I don't play the appreciation game. 

Obviously, tax planning/estate expenditure will also be driven by how much you wish to leave for heirs.If you do plan to sell, perhaps the time to do it, will be when your engineering income goes to zero to help minimize tax hit (and perhaps that is when you need cash).General retirement wisdom seems to be to keep 1-2 years cash (near cash) buffer of expenses... then you are less likely to have to sell in poor market conditions.I also like the diversity of fairly broad index funds and ETFs (costs can be as low as 0.05%).

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.

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

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.