It’s my understanding it’s very hard to meet reps status working a w2Also I believe once you get above $150k basically you lose any benefits of reps status I think I will be able to qualify for the STR re status if I run the cost segregation when I purchase the house. 

So, like many, I've been intentionally on the sideline, but staying quite active with learning and keeping up with the economic data.

Currently transitioning my focus to finding an affordable buildable lot to purchase outright then going the Private Money lender route for our first build.

Well, what if you purchased at a booming market, then it crashes?

Whether it's better to form an LLC that will hold the actual real estate in the state I purchase or will a NY formed LLC be just as good. 

If you do install any Cadet heaters though, for the love of god please pair them with the manual knob-style thermostats - the Cadet electronic programmable thermostats are maybe the single worst product I've purchased in my renovating life, and were replaced almost immediately after installing them.Doors and Trim. 

I recently purchased my first rental house in Woodstock, GA.

Real Estate has always been a strong interest for each of us, but other than purchasing our primary residences, no experience as investors.

I figure I'll get losses of 20-30% of the purchase price as a general rule.

.- thanks -  pay towards the 2 loans the same way ...look to refinance  when and if rate drop ...if interested in buying more rentals - consider saving these  funds to use for your next purchase ...there are many great amoartization calculators avaiable for free that you can use to review scenarios