My goal with real estate investing isn't to replace my current career, but rather to put some idle capital to work, and hopefully develop some passive income streams.  

Seems as though flipping is the only option but even that is hard to find given list pricesHello Christopher, Most of the LI investments that make sense as a first rental property are House-hack deals or BRRRR deals - some involving 203K loans.That being said, some of the areas my clients have found success in are: Valley Stream, Lynbrook, Holtsville, Patchogue, N.

My main concern is filing correctly and following the rules; trying to figure out how to do that has been a constant thorn in my side the past several years.

I listen constantly to the BP Podcasts and usually read almost every book that they recommend.  

@Ryan Weimer @Anna Strausbaugh Thank you both.Yes I am not looking for major revenue stream from my investment, something that pays for PITI and expenses would be great.

So you have to work constantly on network to find a great partner.

I used 3 contractors, I had to baby sit them constantly for paper work and scheduling.

If you put your funds, family and friends together to syndicate larger properties, you can make your dollars go much farther; hire professional property managers who devote full-time staff to your projects, and create the long-term income streams you seek to replace your current income.

You need a system to raise capital if your funds are listed, a system to generate a steady stream of leads to buy, a good buyers list to wholesale properties and turn key contractors to do the work on flips so you can spend all your time finding, funding and selling properties.

Appreciation - Inflation is constantly eating away buying power.