I am buying and holding using a joint venture.

Also, these partnerships could be done in any state so I get more diversity of markets.The second part of my strategy for now is to do joint ventures with fix and flippers, where I finance the project and they do the work.

In fact, renting out individual rooms can actually lead to a greater gross income, but be sure to structure your lease right (joint and several liability, sub-leasing provisions, move-in and move-outs, release and replenishing of security deposits, etc.).  

If married filing jointly, you may use the full $25,000 allowance if your MAGI is $100k or less, meaning if you have a $25,000 rental loss in an activity which you actively participated in, you can use the entire loss to offset your ordinary income.

First @Steve B. the First LLC was created here in WY between 2 oil companies doing a joint venture. 

I have been interested in becoming an investor for a while now and am currently knee deep in a two year plan to raise capital for it.  

Hammer out key terms together and with an attorney. 3) Anytime you have joint ownership in mind, an entity with a clear operating agreement is a good idea.

Great food, Suzy's Kitchen is bomb diggity, Saibieeds, a couple fantastic mexican joints and more.

If activity of the LLC is reported on your jointly filed sched E then it is disregarded for federal purposes of sec 1031 irrespective of the state you reside in.  

Our tax bill this year was insane by my standards, especially since it was our first year filing jointly, and my taxable income was artificially low due to my military service.