If you look through some of the posts on BP, you'll read many stories, specifically of investors from California and NYC buying cheap properties, frequently in the Midwest and South who have lost money.

Here’s the answer:To qualify as a Real Estate Professional (RE Pro) in 2024, you need to meet certain criteria set forth by the IRS.Here are some of the key requirements:1.

Congratulations on the first rental and all the knowledge you have gained from it to set you up for the next property. 

The problem I see fundamentally with so called guru promoters is that they share no risk with you.

Work directly with on-site Construction Project Manager to insure project construction is per plans and specifications from start to finishProvide supervision of sub-contractors on project siteAssist to ensure construction activities move according to pre-determined scheduleCommunicate effectively with SubcontractorsDaily inspections and presence on project siteIdentify any project design and construction issues and bring to management team.Oversee and report progress of project against project plan scheduleCoordination with Construction Project Manager, all necessary work flow schedules and monitoring of same to insure all deadlines are metInform Management Team of work progress and of all significant matters relating to the projectDevelop strategies to promote efficient and cost-effective work practicesAbility to step into and perform duties on an existing under construction multi-family project.Recommendations will be required.Thank you,Anat

The feedback was the same as what @Mike Lambert said. 

You can accept the settlement. 

However, many wholesalers are now buying and listing the properties where they don't physically live.The most important thing you have to know is whether they own the property.

For Canadians seeking to tap into the market in the States, the way the LLC is arranged creates a challenging tax environment and basically leaves you limited return. 

The credit union has shrunk the loan amount they're willing to go with to match the appraisal.