However, you can only apply this "passive loss" vs. ordinary income if you are a "real estate professional".

I have over 6 years in the Real Estate industry and I am looking to network with other Professionals

I've not had a bank refuse any of my contracts.If you go down this road it would be a great idea to have some professionally drafted documents for the sale of the LLC.- john

No offense to RE professionals, but I discovered 95% of the "professionals" out there don't know jack about the industry.

You will need a professional mason for this.

If you are going to install a water heater that is going to catch fire and burn down the house, then yes, you better hire a professional to install it.

Be professional.

The concerns that have been expressed regarding your lack of landlording experience should be taken to heart, though you could readily argue that's what you're paying your professional management team to do.

Live and learn.Also, think of it this way....if this person is smart enough to know that "EVERYBODY CHARGES WHATEVER THEY WANT TO CHARGE", then that sends up a red flag in my eyes....she is a professional tenant.

Or, if you had 10k passive loss year 1, and 7k passive gain year 2, you could deduct 3k loss from earned income year 1, and year 2 would be a wash.There are other ways to create unlimited passive losses against ordinary income, however you need to be a real estate professional (as described and recognized by the IRS) which means you have to meet two requirements: 1. you spend 750 hours per year minimum on your real estate business, and 2.