Not quite on the level of SBF or Madoff buy up there for our industry. 

Hi, I am based in MA but about to buy rental property in NY.

@Bridget McGingAt some point, you have to just do it and buy the first STR and learn as you go.

And here is a video that helps understand how to get the 100 hours for material participation.Another way is to buy a property in a company name and utilize section 469 grouping activities.

My mom sold her house and downsized and rather than buy a rental, she put the money in a savings account.

Buying an existing place that needs upgrading might be more sensible but it will still cost a lot of dough.Plus the purchase of the catamaran.

Just realize that if you buy real estate with a heloc, be careful as now you are basically leveraging existing assets for new assets and many times people get over levered and in trouble in those scenarios.

The fact that you can buy into leads does not make you better with investors so that means it may or may not be worth it.

First property if you have these concerns buy small and low

Buy supplies in bulk and keep them in a locked closet, garage, ect.