If so, keep in mind there are privately traded REITs and publicly traded ones. 

Having an attorney who is skilled and has real estate experience is highly important to the success of your career.

You need a name to trade on, but the name of your business won't make you any money so make sure to focus on what's important. 

Here is what you need to be able to classify yourself as a Real Estate Professional.Note: I have 20 rental houses, rehab and flip houses have a Vrbo Lake house that I manage and I am can't classify myself as a Real Estate Professional because I have a day job.According to the IRS, to qualify for REPS you must meet both of the following conditions:More than one-half of the personal services you performed in all trades or businesses during the tax year were performed in real property trades or businesses in which you materially participated.

Have you already spoken with the different trades to get actual estimates for repairs or are those just your estimates? 

If specific concerns are raised (structural, moisture, electrical, etc) then the engineers or other specialists/trades are brought in for a more thorough examination.  

I call this "trading time for money."

If you are willing to make this trade, then you will continue to have a negative cash-flow property.

You should leverage whatever rare and valuable skill you have to increase income, opportunities, and overall career capital and eventually you will find better opportunities to invest.Check out the bigger pockets events page.

Did you have the intent to hold the replacement property for rental income, appreciation or use in a trade or business?