I know there are limits on how much you can deduct for each year but my guess is that you would be fine with only one rental.

What you are trying to cover with the umbrella policy is the 'slip and falls', which can easily be a million dollars or more if you are found liable.

Hi Kwanza,I guess it's subjective and depends what you compare it to, but Maryland and Baltimore City in particular are very tenant friendly.Baltimore has a wide variety of multifamily options, but you need to have a really clear understanding of Baltimore and how much it can change block-by-block.

@Jason Ma, I can only speak to what I know about Wyoming law. 

The remaining $1.2M has not yet been accounted for.I can easily find more investors to fill in the remaining $1.2M, but I was wondering if there are banks that lend money to syndicates that could fill in the last $1.2M at least in part?

Does anyone have trustworthy connections (realtor, property management) in this area that I can get in touch with? 

Have them use a loan servicer so you don't get into future disputes on the balance, plus then the servicer can handle the escrows.

I sent you a DM if you have any interest in the Midwest/ MidSouth areas to explore some options so you can have an idea of what it may look like to execute your plan!

This baffles me.... how can you do NO screening?

There are several duplexes out there for sale and if you do it right, it can be financially beneficial for you.