You are naturally smarter than most but also may be not much of an outside the box thinker. 

It doesn’t change the nature of rental income for self-employment tax purposes.If your accountant is insisting that being a REP means filing rental income on Schedule C and paying SE tax, that’s a misinterpretation of the tax code.

Inspection costs, realtor fees, Closing costs, etc. are all under this umbrella.The "renovate" step is where you include your holding costs and, naturally, the cost of the retrofit/renovation itself.The "refinance" step is where you place a mortgage in exchange for a note.  

I'm in the process of reading many books about real estate investing before I get too ahead of myself as a natural "go-getter."

The North Georgia mountains sound like a great market for short-term rentals—especially with all the tourism and natural attractions in that area.Since you're high-income W-2 earners, definitely look into how short-term rentals can qualify for material participation to help offset your active income—especially if one of you is willing to take the lead on managing it.

Minnesota is packed with natural beauty and unique tourist attractions.As someone new to the investment world, this trip got me thinking: what about investing in glamping or Hipcamp-style properties?

Problem is only "RE pros" get to do it.There are 3 income classifications in the US - Active, Portfolio, and PassiveActive income is income derived from your job, or normal trade or business.Portfolio income is derived from bank instruments - stocks, bonds, etc.Passive income is income earned from investments.Active losses can wipe out both passive and portfolio income, but it doesn't work the other way around.Portfolio (capital) losses are limited to $3,000 annually.Passive losses can only be offset by passive gains.Real estate rental income by its nature is deemed passive per IRC Sec 469One way to get around it is to become a pro - spend more than 750 hours or 1/2 your time in real estate.But most folks aren't real estate pros.

Normally, as properties appreciate and mortgages are paid down, equity naturally builds, and at some point, your ROE will be lower than the return you could achieve in another investment.

Also the other Gentlemen north of me who post a bunch I know he has lake from on lake Coeur d' alane  which is a spectacular mtn lake with crytal blue water and at least it used to big big trout :)We really don't have any natural lakes down here.

That’s just not the nature of the market anymore.For most people, I’ve found that the best strategy today is a long-term house hack—either a small multifamily or a single-family home that you live in first and eventually turn into a rental.