Quote from @Brady Ascheman: Hi everyone, when meeting with my CPA recently I was instructed by here that if you obtain "Real Estate Professional Status" as per the IRS rules then your rental income become "active" instead of "passive" income in the eyes of the IRS.

STRs and flips take more active involvement, while buy-and-hold rentals with a solid PM are much more passive.

I'm keeping my eyes open to Central and South Texas. 

A decent way to build capital (with less risk involved) would be to wholesale properties or get your license.

You are on the deed so you are responsible in their eyes.

Sometimes just having a second set of eyes on rent comps and rehab budgets makes all the difference in knowing if it’s worth pulling the trigger.

As you settle in, consider using refinancing options to leverage equity for future investments.Since you're thinking about retirement in a few years, focus on scaling your portfolio gradually, and always keep an eye out for new off-market deals.

I want to take full advantage of it myself, so hearing some new ideas may be eye opening!

There's a couple of things that make this more attractive than the other option sugggested of forming a new LLC to own the property.First is the expense and reporting involved in another LLC entity.Second though and more important in my book is that by having your LLC own a TIC interest and having your partners LLC own a TIC interest you keep the utmost flexibility available to you as you move forward with that property to eventual sale and possible 1031 exchange.  

hey everyone. are there any investors here with eyes for detroit?