Understand the basics of private lendingResearch real estate marketsDetermine your investment strategy and criteria for loans, including:- Amounts- Interest rates- Repayment termsCreate legal documents with a lawyerNetwork with real estate professionalsPerform due diligence on potential borrowers and their projectsBegin with smaller loans to gain experienceMonitor your investments closelyConsider joining a private lending group for additional resourcesStay informed about real estate trends, lending practices, and legal regulations

The best advice on this topic, in my opinion, comes from 2 books:How to win friends and influence peopleNever eat aloneI am also looking for brokerages to work with or even experienced shadow / intern for to gain experience and additional knowledge.

Analyze properties that need only minor updates and start small to manage costs and gain experience.

I used tools like BiggerPockets to analyze deals weekly, and building a reliable team and networking with experienced investors helped me gain confidence.

This will minimize the tax burden of the gain you currently have and defers any other gain through the 1031 giving you more buying power going into the future.

You will gain the rewards down the road.3) You 'should' claim rental uncome from any source.

I have a full time W2 job that takes up much of my time, so I'm leaning toward Turnkey until I gain some experience.

Isn't the whole point of sub-to to gain title with low (or ideally no) out of pocket cost, and get the sellers (hopefully low) rate?

Instead, you must invest in a purely passive way, such as a syndication.Second, real estate is a tax-favored asset and investing in a tax-favored asset through a tax-deferred vehicle is a bad idea. 

One client came in hot looking for a multi-unit in Phoenix - they wanted to roll over gains, keep taxes deferred, and jump into a hotter market.