I disagree with this first sentence but agree with the rest of Judah's post.There are three distinct  types of knowledge you need1) strategies2) how to evaluate a deal3) market knowledgeMany people who get stuck have a LOT of knowledge, but not enough in one of these areas to move forward.

@Matt Fisher A self directed IRA or 401k may invest in real estate in many ways, so long as the transaction is completed at arm's length.Clients of ours have held rental properties, flipped properties, engaged in joint ventures with other investors to hold or develop property, invested in tax liens, and operated as private lenders to other investors.There is a distinction, however, between passive income such as interest on a note or tax certificate, or rents from real property, and "engaging in a trade or business" such as being a wholesaler, developer or re-developer (flipper) of property.  

A corporation is a business entity that carries its own legal status, separate and distinct from its owners.

Two distinct closes, two closing fees generated from the attorney.

Whenever the flavor of the month guru comes to town, newbie wholesalers come out of the woodwork.  

Also, having someone local to manage affairs seems like it would be a selling point in general.My goal is to retain my day-job and try to build this property management/rental business on the side, with a distinct focus on the community that I live in.

A 501c3 has a distinct status that you must be very careful with.

Karen Margrave, I'm not so anti-guru as most think, but I'm really anti-bad-guru and knowing the basics will help make a distinction between them.

Andrew between now and August take some time and go to eviction courts, investor meetings, etc. to get a flavor for managing a property and what it entails.That should help you in figuring out what you may or may not want to do.

He can slice & dice it in 25 different ways with 55 different flavors.