This land was purchased by family members in the 1950s and, if sold, would bring us about $600K in cash that would need to be rolled over to other RE to avoid significant capital gains.

I still have a long way ahead, but i can gladly say that thanks to many Pros including yourself and many others on the site i have gained tremendous knowledge.

Thanks for your help.If anyone knows someone that has a similar investment strategy and needs some help I'd love to shadow/help anyway I can to gain experience.

So, that will almost certainly put you in a passive loss situation.Now, to tell you the effect, you need to look at your AGI.

Not sure I want to do multi family at all...I also run a full time business so real estate truly has to be more of a passive deal.I plan on taking a break after number five and paying down some mortgages / HELOC.THANKS BP...Everyone has been a tremendous help.Anyone nervous to take that first plunge (as I was)...all I can say is -- just jump.

My wife and I got into real estate investing last year as a means to gain some financial freedom, diversification, and to subsidize our farming hobby.We're buy and hold investing in multi-family properties right now, with one property closed this year and another very soon.

In 7 years I would like to have enough passive income to where having a job isnt a necessity.

I truly love learning new things, and feel that Real Estate provides a great opportunity to develop a new passion while (hopefully) gaining financial freedom down the road.

Also - be sure to read through "The Ultimate Beginner's Guide to Real Estate Investing" to gain a good foundation!

This creates a great passive stream of "mailbox money", and spreads out the capital gains tax over time.