I would encourage you to not wait for a downturn to start your acquisition of rentals.  

The best groups will encourage education and networking, but there are some that are being run almost solely for the benefit of the founder(s), so beware of any group whose main function is to sell you into a mentorship program offered by the owner (or their friends/partners).

I would encourage you to pursue the house hack. 

@Kevin Hunter @Dmitriy Fomichenko @Marlen Weber Thank you all for taking the time and encouragement. 

And we haven't even talked about union pressures...We need to be encouraging young or unemployed people to pursue these crafts and combine them with a business acumen.

I encourage you to take the time and do a search on "cap rate" right there on BP, you won't be disappointed.

@Marlen Weber Thanks so much for the encouragement!

@Alora Glaze - thank you for the detailed advice and encouragement!

It does produce a form called a K-1 that is sent to the IRS as part of your personal income tax filing.I would echo what @Tyler Weaver said and strongly encourage you to speak with a CPA.

I have always seen Buffet as the ultimate realist, so his silence is not very encouraging.