I've been lucky at a video poker machine or a craps table before, but I know what the reality of these games really is, too.Now, if you self manage, you can earn the PM's cut.

The longer you hold onto it, the more your costs add up, the more costs you have to recover, and the fewer funds you have available to use to recover them with.Think of it like playing Poker (not because it's gambling...REI shouldn't be gambling). 

I remember hearing an interview with a professional poker player a while back and he said something like "how many normal people can come home after a 10 hour workday and say 'hey honey, so I lost $40,000 today.'

First, putting a lot of work into it isn't any more of a reason to keep putting your money into it (negative CF) than adding to a "pot" in poker with a bad hand.  

Realestate is the business (GAME) of poker. 

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I'm an avid poker player.

I would say, play poker a tiny bit, but don't get too silly.  

No, Will, I will no play poker with you!

My CPA owns rental properties and also poker machines - You are wise to find a CPA who knows this business.Call CPA's ask for referrals - talk to property managers - ask whom they would recommend.When you find one - ask him to invest with you - also have your new CPA look at your past tax returns - maybe you can do a Carry Back Loss Basis - that is where your other accounts failed to take certain deductions and you could get a refund.Good luck.