Hi Giman - It's a great time to explore your options with the recent rate changes.

This could be a share of the profits or equity, typically in the 20-30% range, depending on the complexity and the workload.

"How Good of an investment is this?"

I'd start with networking at your local REIAs and maybe a Bigger Pockets meetup once this storm blows by you.  

Can K1 losses from this LP only deal be also taken to offset W2 income?

You will also need join CAR at most firms this is $1250 a year.

I'm exploring different funding solutions to understand how others manage these situations.

Does this exemption amount get subtracted from the sale price of the property, or the assessed value of the property? 

Key Principles:Mindset and Goals:Think Long-Term: Real estate is a long term play in most cases Set Clear Goals: Define your financial goals and how real estate fits into your overall plan.Finding the Right Property:Location, Location, Location: Invest in areas with strong economic fundamentals, good schools, and low crime rates.Cash Flow is King: Look for properties that generate positive cash flow (rental income exceeds expenses).Consider Appreciation: While cash flow is primary, also consider properties in areas with potential for long-term appreciation.Financing:Get Pre-Approved: Get pre-approved for a mortgage before you start looking at properties.Leverage Wisely: Use leverage (debt) to your advantage, but don't overextend yourself.Consider Creative Financing: Explore options like seller financing or partnerships.Building Your Team:Real Estate Agent: Find an experienced agent who specializes in investment properties.Property Manager: Consider hiring a property manager to handle day-to-day operations.Accountant: An accountant can help you with tax planning and financial management.Attorney: Consult an attorney for legal advice and contract reviews.Managing Your Investment:Maintain the Property: Keep your property in good condition to attract and retain quality tenants.Screen Tenants Carefully: Conduct thorough background checks on potential tenants.Review Your Finances Regularly: Track your income and expenses and make adjustments as needed.Example Action Steps:Set Your Goals: Define your financial goals and how real estate will help you achieve them.Educate Yourself: Read books and articles about real estate investing.

This way, you can still house hack while aligning with your long-term goals.