The only difference is whether or not you'd be able to offset against your ordinary income...and that's also assuming your income level is under a certain amount (my apologies if I'm pointing out something you already know).As for syndications, as long as we are talking about equity purchases of commercial property and not debt or some of the other fancy syndications out there like secondary market litigation or insurance, you will have very large passive losses starting from your first year.

RE Sale prices have started to level out a bit.

This is a pier and beam house that's going to need leveling, drywall work and the bathroom needs some help too.

The only part I am not sure about if the market will "correct"; I believe it is much more likely that it will level off.The reason I believe that is affordability - the NAR publishes an affordability index; basically how much of a median household incoem is needed to buy a median home with 10% down.

The ground floor level of the building has two restaurants.

It's entertaining to me that people compare things at the state level. 

@Ryan PhelpsI think there’s a level of detail that you’re overlooking that would help clarify your thoughts on #2.

I was wondering whether I can qualify for financing with this level of income?

It is still the #1 best, cheapest, most effective strategy to simply negotiate and work with the tenants on a human level.

We don’t make a lot of money, my wife is still in school to become a nurse so she works part time, and I work at an entry level position at a hospital.