There should be two components to this: State & Federal.

Besides, a huge component of analysis is your goals.  

@Joel Owens pretty much it the nail on the head, its a tough industry to get started in but if you stick with it and align yourself with the right team it pays dividends over time and the earning potential is unmatched.I agree with everything Joel had to say but would add that most of the large commercial brokerage houses (CBRE, Cushman & Wakefield etc.) have "draw" programs for young brokers.

You can take participant loans from the plan.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.

buy and hold with no equity is a very risky proposition. its a very difficult transaction to pull off.. lots of things have to align..

So appreciation (if applicable) may be another component to consider in the equation.

Off late I have been looking to expand in FL Hillsborough county/Westchase (Tampa area) seems to fit the profile of neighborhoods that align my strategy.

Contributions limits are roughly 10x higher, there is no custodial requirement for the 401k, you can take participant loans, you don't need the additional expense and administration of an LLC to have checkbook control, there is a built in-Roth component, a spouse can participate, there are additional tax benefits, there is generally greater privacy, and the plans are often quicker to setup and cost less money over time compared to most IRA LLCs.

So you have to align you expectations a little more tightly to what you are targeting.

If you contract with a bonafide contractor they should supply you with a "line item estimate" explaining the labor and material costs of the components they are installing in your project.