@Josh Magnus I would suggest to proceed with caution...but proceed nonetheless...In the area where I focus most of my attention, 80% of the houses for sale are places that were sold last time in 2006-2007...Most of them investors who finally manage to match the price they paid for...As most commentators said condition now are very different then 2008...but that doesn't mean crisis have to come from the same direction/cause to get the whole economy crashing along...Brexit...trade wars...student/consumer/corporate debt...there can be many reason for the next fall...and in 2008 nine out of ten economists didn't see it coming...that will probably be the only constant.As someone who also work full time my suggestion is to narrow your focus on a specific area like 1 zip code and follow it to exhaustion...know every house that get to market...walk the street with google view over lunch break...analyze city/county records for every property that hit the market...check all rentals you can find...establish working relationship with one or two buyer agents...this way when something arrive to market you'll be in a position to act fast enough...I got one house that way and now in contract for another...both were sold last in 2007 and on both I offered asking price (=2007) the day after they got to market...if the numbers work for cash flow then the state of the economy is much less important...and be picky (don't feel bad passing on houses)...personally my goal is to be able to become at least part-time when the crash will come so I have more time for RE then...good luck!

I am a lawyer by trade and am generally not too good w/ understanding tax numbers, etc.

I am a lawyer by trade and am generally not too good w/ understanding tax numbers, etc.

An entity doesn't modify whether or not your "activity" rises to the level of a "trade or business" in the eyes of the IRS.This looks like a rather pertinent article to read: https://letstalkdirtsc.com/tag...

And of course if you can swing it I would buy a Cirrus you can get a decent SR 20 in the low 100s  the parachute has saved over 150 lives.. its real..

Short term rentals will be considered an active trade or business and as a result all of the income from such activity will be subject to Unrelated Business Income Tax. 2.

Here are the specs:-40 lots, I understand trailers are all owned by tenants-$350 per lot-10 acres-most homes are newer and well kept-outside city limits on well water-large central sewer plant-park is owner managed, his overhead is 25% but he is jack of all trades-owner told me he had appraisal within last few years and value was $1.5 million then-room for addition of at least 20 more lotsI have seen formulas online using a multipliers  of either 60 70.

I’ve been in construction since I was old enough to swing a hammer, my dad has over 30 years in commercial and residential construction; he and my uncle own and operate a small handyman/contractor business in the Chelsea, Mi area, (Upkeep Property Services).

How much do you have for a down payment.If you can swing 5% down you can get a FHA or better yet a Fannie Mae Rehab loan that is one loan for purchase and funds to rehab.

You best be prepared to pay a premium to have those trade professionals sign-off on work they didn't install then.