Recommendation would be to have a professional look over your situation. 

(beware of private consultants that you have to pay.) 

You'll have chances to put what you've learned into practice and work with other real estate professionals as your real estate career develops.

I have the entire email thread in case anyone is interested.Thank you, IgorAlso keep in mind there is NO SUCH THING as mortgage insurance for HML  private money loans..

For example, if you dedicate enough time to real estate businesses and real property trades, you may qualify for the real estate professional tax status which is potentially a great way to reduce high W2 taxes. 

I'm curious what experiences people have had taking tax deductions as a non-professional REI.

Rents are super-high, so the chance to rent a private room for less than what your tenant would pay for their own studio or 1BR apartment would be attractive to potential tenants.However, you must figure out a way to qualify to rent the apartment yourself.  

Appraisals are done by professionals that perform a thorough analysis including location considerations, zoning, comparable sales, and any potential restrictions on development.

Finally, I did a lot of FSBO transactions years ago, and was always told by real estate agents that I was basically an idiot and would do SO MUCH BETTER with a "professional" representing me. 

You could also convert your 401k to a self-directed IRA to invest those funds in additional rentals.You'll need to discuss more about doing all this with the proper professionals, but it is an option.