They often neglect to point out the limits on the ability to offset ordinary income with passive losses and the tax on unrecaptured depreciation.  

I do have a full time job as an attorney, so my initial efforts will be limited to passive - or at least somewhat passive - investments.  

Sometimes a Limited Partnership makes more sense depending on how you are trying to raise funds / manage the entity. 2) With unequal time, capital and skills,  how can the profits be shared?

There is a difference as you sort of imply with a limitation in rights to a lien holder to legal and a granting of equitable rights as an owner.  

For someone with limited funds, it seems that wholesaling is a great way to start. 

I also have loans in places that have less than 10 units so by definition everyone owns more than 10%.This one always seems like a weak "rule" that seems easy enough to explain away especially in smaller projects.How close are you to the 50% owner occupied limit though?  

In exchange for this permission, the Tenant agrees as follows:1.To keep no more than 1 domestic dog(s) as described below.2.To pay additional rent in the amount of $ 0 per month; or3.To deposit with the Landlord a "Non-refundable Pet Deposit" in the amount of $ 250 which shall be held as security for the faithful performance of this pet Agreement and shall be used upon the termination or expiration of this Agreement for the purposes of cleaning the Premises.4.To keep the pet from causing any annoyance or discomfort to others and to immediately remedy any complaints concerning the pet.5.To keep the pet from damaging any property belonging to the Landlord or others.6.To immediately pay for any injury, damage, loss, or expense caused by the pet (In this regard, it is expressly understood that at no time shall the Tenant apply any part of the Pet Deposit towards such amounts due, but rather, the Tenant shall make restitution immediately and separately from the Pet Deposit.7.To keep the pet under control at all times.8.To keep the pet restrained, but not tethered, when it is outside of the Premises.9.Not to leave the pet unattended for any unreasonable periods.10.To hold the Landlord harmless from all liability arising from the Tenant's ownership or keeping of the pet, including but not limited to any liability resulting from the Landlord turning said pet over to local pet policing authorities should the pet be found unsupervised.11.To dispose of the pet's droppings properly and quickly.Also, to coordinate the cleanup of the pet’s droppings with the weekly lawn maintenance.12.To insure that the pet will wear the appropriate Local Animal License, a valid Rabies Tag and tag bearing the owners name and phone number.All licenses and tags must be kept current.13.Tenant agrees to control flea infestation and will exterminate if necessary, and upon demand, in any and all areas affected with full cost to be paid by tenant. 14.Tenant agrees that Landlord will not be responsible for the injury, harm, or death of the animal, and agrees to hold Landlord harmless for any damages suffered as a result of any harm caused on the animal or by the animal upon another person, guest or employee.

Also if the VA Loan is stating it can't have extensive repairs, find out how much and how costly these repairs the home actually needs are, then see if they have a limit how much they are willing to allow these fix-ups to be.

My husband and I have done a lot of reading and his mom owns several rentals so we have some experience (although quite limited).  

I have limited income coming in now as I am a full time student but have a good amount of money saved for the down payment and repairs.