Since I have a job not related to RE in 2014 I was planning on reporting on Schedule D via form 8949 and selecting (c); I think I'll be safe but would understand if IRS challenges me.

Particularly, I need to partner deals types to their relative investor specifications.

Ken McElroy is an outstanding example of an ordinary real estate investor who stayed with it through thick and thin to become successful and I'll listen to him as many times as you can get him to come on.If you could corner him into doing an 'intensive' on any subject related to the apartment biz that would be great too-

@Nancy Rhea I can relate.  

Of course the property would need to be a relatively higher cap rate considering it would need to cover the 6 & 8% interest being paid.Another option would be a lease option or something of that nature, sublet and exercise the option with private money or a conventional loan.I would love to hear some other ideas/thoughts, etc. on this!

I am very new to real estate investing and looking on getting educated more during my off duty time including getting advice from BP members relating to real estate.

You have health care covered for little costs.

A lot of this information can be found relatively easy, and your real estate agent (if you selected on correctly.. you want one who owns their own rental properties) can be a great help.I do cover a lot of topics on my blog, www.intendhomes.com, but there is a lot of good resources here as well.

@Jay Willems , since everyone is mentioning buying a duplex to live in one side, I will say my first deal was an FHA 4plex living in one unit, and couldn't have been happier with the results, although you have to be willing to make some sacrifices relative to living in your ideal situation you would have picked, all investment considerations aside.All said and done, well worth it..

I'll also be retiring from the military so will have a small income stream and low cost health care to reduce some of my risks.Thanks to all those who post on the forum for your inspiration and specifically to the BP Podcast for tons of fantastic ideas and to J Scott who's sample plans I've studied while drafting my own plan.