2) is there a max AGI (Adjusted Gross Income) at which this strategy (of using the RE professional status to reduce active income) is no longer worthwhile?

These can be somewhat hands off if you have good employees working for you.  

And the more challenging the reposition, the more experienced employees are needed.

No EIN required unless you are going to hire employees, in which case you can just file an SS4 with IRS like you're supposed to do if you hire a live in maid or nanny. 

If you want to be an employee in the RE field (or any field) and someone in  that field needs a degree, then, at the time of the confident decision, pursue the education needed. 

Hiring a professional management company & full time employees will not be in the budget at this level.  

I've been looking on LoopNet for Multi-unit properties in North Carolina and wanted to get some opinions from my experienced BP members.Church Street Apartments264 Church Street, Concord, NC 28078$465,00014 Units Multifamily Property For SaleBuilding Size:0 SFPrice/Unit:$33,214.29 Property Type:MultifamilyProperty Sub-type:Garden/Low-RiseProperty Use Type:InvestmentCommission Split:3% Cap Rate:13% Gross Rent Multiplier:6.62 Occupancy:100% Lot Size:0.53 ACAPN / Parcel ID:56217008770000Listing Net Operating Income $60,450Here is a link to the property http://www.loopnet.com/xNet/MainSite/Listing/Profile/Profile.aspx?

The gross income after vacancy was approx 669k.

@Rich Ng @Sonja Williams @Andy Gross @Landis Whitehurst @David Alvarado I noticed you guys mentioning a lot about the headaches, crime rates, and things of that nature.

Not a lot of distressed units, but for about $150,000 you can get a gross rent of $1500/mo in a duplex. $200,000 will get you a monthly gross of $2400 in a fourplex (though very few good fourplexes on the market at the moment).I love Hood for its proximity to the Texas Triangle and I-35.