I'd also check out The Ultimate Beginner's Guide as well if you haven't.

Let their accountant guide them over there and is there are specific challenges that come up then you can tackle them together but rely on their professional team for that type of insight.

Make sure to read the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Be sure and check out the“Learn tab above” and download a free copy of “The Ultimate Beginners Guide to Real Estate Investing”.

These questions should help guide you to the right decision.I hope that helps and good luck to picking the best deal!

They diminish yearly so you can check the loss every year on line by going to NADA Used Trailer guide and see what they are worth.

So in the Beginners Guide, Brandon mentions that you're not likely to be able to obtain a conventional loan for a property that needs rehabbed.  

At this point in my career, I can make the time to get started.Starting this year, I've been reading books on real estate including "The Ultimate Beginners Guide to Real Estate Investing" "Investing in Real Estate with no (and low) Money Down" and "The Book on Rental Properties".

Make sure to read the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing