They also have a course that covers a lot of these nuances in addition to the basics of REI bookkeeping.

So if your main job is a W-2 job, you probably don't qualify.But that's still not all because in addition to REPS status, you also have to qualify as having material participation in the K-1 business to make it non-passive income. 

There is a whole lot to dig into but I figured I'd start with introducing myself as that was suggested.

Additionally, there's a fixed self-employment tax.Income Tax: 22% * $70K = $15.4KSelf-Employment Tax: 15.3% * $20K = $3.06KTotal Tax Due: $18.46KRemember to account for any state taxes as well.To defer taxes entirely, you could utilize a 1031 exchange, which allows you to reinvest the proceeds from the sale into a similar investment property, thus deferring the tax payment until a later date.Example #2: Long-Term Capital GainsNow, consider a scenario where you hold onto the property for over a year.Project Details:Property Cost: $70KRenovation Costs: $50KResale Price: $200KProfit: $80K ($200K – $50K – $70K)Since self-employment tax doesn't apply, you only need to calculate the long-term capital gains tax.

I do agree that if you can find something you can fix up and add value add it would be ideal.

It was initially my CPA that suggested I consider the DIY approach.

They look good on paper, but the realities of low-quality renters, high crime, unscrupulous vendors, and other problems can destroy the investment value.Some landlord insurance policies have burglary as an additional rider you must add on specifically.

I'd suggest increasing rent to market at the next available opportunity in your lease. 

If you have any leads or suggestions, that would be greatly appreciated.

I am open to any suggestions, mentoring opportunities and advice/tips you may have.