What specifically are you trying to get better at? 

Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

Based on how many people have moved here from other states (specifically California, Oregon, Washington, and then a few areas like NY/NJ) along with the amount of redevelopment projects and the chip factory that was put in - I think there will be further appreciation for the foreseeable future.Will Phoenix economy be depended on this chip factory?

Each CPA will answer the questions uniquely based on their interpretation of the tax law as well as your specific scenario, so I highly recommend having a trusted CPA answer this for you.

I would ask, when you say real estate, specifically what are you trying to accomplish or do?

Consult you insurance broker for specifics but I found this policy to be very protective and reasonably priced.With regards to an umbrella policy they are typically good to have.  

It is a tough market and there's nothing wrong with taking a breather and waiting for things to stabilize while focusing on savings and education.

But when you're really ready to put rubber to the road you have to start being more active in your education, seeking out specific information and really thinking through what that would look like for you.

We use specific NNN lenders that if the tenant is national credit with long term lease then almost nobody can beat their terms ( 30% down, 30 year amortization, fixed for 10 years in the 3's for rate, no pre-payment penalty.)

I also practice as a Realtor because I enjoy it and it is extra income.So as an investor, your options are to get your RE license and have access to a lot of tools and do the research yourself (therefore you're paying with time, energy and a little money) or you work with a great realtor/investor in the specific market you're looking into.