Hello all,I am a student studying Industrial & Systems Engineering at the University of Oklahoma with one more year till graduation (woo!).

I do know that if you're not a RE professional and even if you're actively managing your real estate assets you will not be able to write off any of your passive losses from your rental real estate when you're over 150k AGI (you mentioned you were 190k AGI - prior to itemized deductions and exemptions).Also the other thing is that when accountants go to create your depreciation schedule they dont take the 1.75M and divided it over 27.5 years.They typically (other wise proven via engineering study or cost seg report) use the LA/ventura county tax assessors value for land and improvement(building) and they take that percentage on the assessors website and apply it to your 1.75M sales or acquisition price to determine your depreciable basis.So for example, if the improvement was 80% of 1.75M then you have a depreciable basis of $ 1,400,000 / 27.5 years = $ 50,909.10 annual write off.Back to the above REpro, if you're not a REpro, you wouldnt be able to write off anything against your active/earned income and you feel the full brunt of the tax man unfortunately.

You may find there is a website with past cases on line that you can study. 

;)I am currently researching sales deals and studying available properties to make my second investment.

Make your Team members prove their ability before cut them loose to take care of things you are responsible for.Track all of the income and expenses on projects you do in a report form and analyze them regularly with a few people you trust to help you and you might be able to cut your expenses and increase your income.

Also, if need be, the bank statement could be used as supporting documentation to prove the rent was not paid in an eviction process.

This is why I am willing to prove myself, so to speak, in the eyes of someone who knows what they're doing.

They make you prove it.  

I'm new to investing but have been studying it for a while now.I'm a college student right now who's goal has always been to graduate without any student loans.

If you can prove stable and predictable income then you should be good.