I have several questions and would love to here from experienced investors on how this works.1.

Experienced investors will want to help you if you show initiative, drive, and genuine interest.

The ones that aren't have been in the business for decades and were usually employed elsewhere in some capacity associated with real estate before they became agents.To help the process along, what you should do is find an experienced real estate investor who's been doing what you want to do for awhile and follow her or him through a property.

Add to that their rate was on the high end.We opted for a much younger, less experienced cleaner.

It eats into cash flow, we may have difficulty saving for our next down payment,, and I am worried that the large mortgage will affect our debt to income ratio when we apply for a loan for our next property.I am also concerned about paying too much for the property as there are no solid comps in the area. 

And if anyone can refer an atty experienced in Subject to closings in Las Vegas NV, please refer.

I'm hoping I find a broker soon that is experienced with having a licensee as an investor also. 

You still have several options, depending on if you want to invest directly in individual properties or be a bit more removed:Full-service turnkey investment: Should be mostly passive after you do your due diligence and pick a provider, but don't skimp on your homeworkYou choose which props to purchase, but have no control over tenanting choices, some say in large maintenance expensesAvg cost for solid B/B+ prop in Birmingham (and some other markets but this is the one I have data for, since it's my market) is about $100k per door; you'll pay market price for a tenant-ready, fully rehabbed propertyPartnering with someone who does the on-the-ground stuff while you provide capitalCan be passive if your partner really knows their stuff, but more likely you'd be fairly involved with the choices madeMore control since you call the shots with your partnerYou can pick which markets and price points you're interested inPotential for higher returns (ie buying distressed and then forcing equity through renovation) if your partner is experienced and can execute consistentlyInvesting in a syndicateMany investors pool funds to invest in much bigger projects like commercial space or large MFRs, or in larger portfoliosVery passive, investors are not responsible for project vetting or management, but you have no controlMay have higher bar for entry, some syndicates require large investments and you'll need to have liquid cash on handBuying shares in a REITLike an ETF but comprised of real estate investmentsVery passive, but no control over which assets are held in the fundHighly liquid, easy to buy and trade, lower bar for entryEverything is a trade-off between passivity and control, time and money.

Once you get beyond the basic “exempt assets” you need an experienced attorney who specializes in asset protection.

Be interesting to see what cities experienced this over the past 20 years, and compare that info to where they are now.