Investing aside, there are also quite a few ways to make a substantial income through real estate.

However, we were COMPLETELY misguided by a contractor who said he would help us with possession and rehab of the property (whom we paid a substantial amount of money to-our first mistake), and he has not returned our calls, texts, or emails since then.

So there could indeed be a substantial tax bill that isn't proportional to the amount of tax you get back. 

@Mary Jay you only would get penalized for years where you made too much, just Google it each year when you do your taxes, because it is a simple formula they should catch it right away and as long as you take out whatever your contribution for that year was and pay taxes on it there shouldn't be substantial penalties.

You don't want your first deal to have any outside influences that could corrupt how you see the deal and this most certainly will.

But this form is out of date and has substantially changed over the last two years.MAGI is your AGI with any tax-exempt interest income and certain deductions added back.

A huge issue right now in the market is the young amateur traders seeking millions so they buy options (either side) and influence thé market by pounding it with increased risk.  

A good used appliance guy can substantially eliminate a lot of maintenance they can be vetted by 1 site visit to there operation. 

(The irate tenant does woodworking/crafting and uses strong chemicals daily).My office manager felt unsafe and suspected that the tenant was under the influence of drugs, so she called the police, closed the office for 1 hour, issued a lease violation, and immediately walked the other unit where the tub was being resurfaced.

The quality of Reservoir hill varies substantially from one area to the other.