@Justin Brin Yes, you can elect to aggregate your rental properties for Qualified Business Income (QBI) purposes, but once you do, you must continue to aggregate those same properties in future years unless there is a significant change in circumstances (such as disposing of a property).

Seems to me my “permanent note portfolio is basically a passive investment, while my variable note portfolio is somewhere between business and investment.  

But then, something incredible happened—his business started thriving.With fewer daily distractions, Michael had time to find new investment deals, build relationships with private lenders, and even take a vacation.His portfolio doubled in size within two years.And for the first time in a decade, he wasn’t stressed.The Lesson: Let Go to GrowMichael realized the secret of successful investors: You don’t build wealth by working harder—you build wealth by working smarter.By letting go, he gained more than just free time—he gained a scalable, sustainable business that could grow without burning him out.Are You Like Michael?

Rents, yes 100% I do adjust billing and it is above standard tenancy rates because they are doing it for business revenue. 

Syndication has been an essential element in creating scalability for my business.

But one tool that often gets overlooked in the wealth-building strategy is life insurance - and it can be a powerful asset for your real estate business. 

Everyone already knows someone who can sell them a house in the US.With over 15 years of experience combined in international travel and Airbnb hosting, I am now a full-time consultant that helps Americans purchase property and set up their businesses abroad.Me and my partner own three apartments in Croatia that I manage myself remotely.

., if the business is not a "rental" business per tax code, we count that income as non-passive and offset other income (W2, etc) similarly.Does anybody else have some guidance (or opinions) on this matter?

Nope I do not intend to do any business of the lending variety in Vegas I only do joint ventures there. 

My advice is focus now on building your branding, business and client base in real estate.