Our Situation:Two couples, new to real estate investing, each with one working spouse with a high income (W2 and 1099) and one non-working spouse plan to go 50/50 on a new construction STR which will not close until Spring of '25. 

I live out of state and will be using this as a rental income property.

If, in principle, I can make it so that I have extra income left over after deducting all expenses, I have a positive cash flow.

Side question, assuming that you have a pretty strong income from work, would you hold your commercial real estate as long as you can and to by another on top of the existing one or would you 1031 to a bigger commercial real estate instead?

However, an essential exception emerged in the 1990s, allowing specific rental income to be categorized as non-passive.

Every time my previous homes I've lived in come back on the market, I always go to see them.

Only a reliable income matters.Rent range - What the segment is willing and able to pay.Configuration - Two bedrooms, three-car garage, large back yard, single-story, two stories?

@Michael PrimaveraYou will not be known as a high quality landlord if that is your desire do not enter the glamorous world of low income housing. 

Their source of income is critical as they have no backstop (sick days, health insurance, etc).

Maybe some price appreciation on property would occur and I'd have depreciation to offset rental income and such.