I am a Cash Buyer , Entrepreneur.  I buy and sell homes and wholesale Lease options . And I provide Rent to own homes for people with less -than perfect credit 

Also are land trust with nominee trustee as the attorney safe?

I've got enough depreciation to keep me safe for now, but that sounds like a good option to have. 

As well as most folks are far to paranoid about litigation and liability when they are starting out. owning a SFR rental with proper insurance is about as safe as it gets with regard to liability as long as your not being a slumlord.

I had never missed a payment and had millions in total loans, so I thought that I was safe. 

I added $20k to that to be safe and estimated $100k.I started at $330k and took off the $100k rehab and $10k carrying costs (interest only LOC and taxes, insurance, etc.)

I couldn’t stand watching a portfolio of this size lose its relative value because it was 100% “safe”.

Here's how it works in a nutshell according to IRS Pub 946.Consider depreciating rental property costs that may last > 1 year and aren’t eligible for De Minimus Safe Harbor (more on DMSH at a later time).You cannot depreciate the cost of land because land does not wear out, become obsolete, or get used up.

If it is normal and it's out of budget for you, you can either use financing to lower your cash outlay, partner up, or find a different property.If the work is cosmetic, it wouldn't be a big issue to tackle on your own, but if it's more than that, probably best to play it safe and hire out.

I really see Columbus Ohio as an extremely safe bet for the next 10-20 years.