I have always wondered if such investments are made by someone who is retired, has lots of time and money, and is looking for a hobby to keep occupied?

I climbed up on my favorite hobby horse and started preaching.

If you plan to run a business of flipping and not a hobby, then yes, you should form an entity for a number of reasons.

But nothing is guaranteed, so I try to diversify according to my risk tolerance.Maybe rentals will be a good hobby in retirement, though I still have a few decades to go before I hit retirement age and it would probably be a very different world by then.Perhaps good to just stick to syndications in the meantime.

Below are some questions I would think would be a good starting point for you to see who really treats their company like a business or a hobby and it will give you a good indication of how they are running their business...

And I essentially have no hobbies aside from fishing and household projects, watch no TV, no sports, since I am already spending an average of 25-30 hours per week in real estate in addition to the 40 I spend in W-2 role.

Originally posted by @Sean Monahan:Nursing is my hobby and real estate is my passion.  3 SFHs, two buy and hold with renters, One was a BRRRR that I used to purchase one of those two buy and holds. 

It's a bit of a hobby for us.

Guitar is my favorite hobbie, and I enjoy a wide variety of music genres and styles.

When I ask their agent why a this single occupant wants a four bedroom, "She also does hair as a hobby so it would be great to have a glam room and guest bedrooms for family".