At a general level, capital gains taxes are recognized when the income from sale is received -- so a seller pays a pro rata share of capital gains on the purchase price as payments on the note are made. 

You will eventually over-leverage and everything will come crashing down when the market turns or some other unforeseen event occurs.The wise, proven way to build wealth is to earn money, save money, and invest money.

I recognize the invaluable role that lenders, property managers, wholesalers, and licensed contractors play in the success of any real estate venture, and I am eager to collaborate with individuals who share my passion for achieving excellence and prosperity in this dynamic industry.

Of course knowledge and experience needed to RECOGNIZE a great deal from the 100 others disguised as great deals but aren’t.  

I recognize we will not be able to offset active W2 income,  but if we do purchase an investment property that has some net positive cashflow, what are the types of tax benefits/offsets we can get? 

One of the best ones is a Bigger Pockets classic:Amazon.com: The Book on Managing Rental Properties: A Proven System for Finding, Screening, and Managing Tenants with Fewer Headaches and Maximum Profits (BiggerPockets Rental Kit, 3): 9780990711759: Turner, Brandon, Turner, Heather: Books2) Never tell your tenants your are the owner.

Orlando even in a slow year for decades has proven an investors hotspot. 

A full-time position just hasn’t come my way yet.I recognize that in theory, monthly mortgage payments shouldn’t be an issue since I’ll be househacking, I would just rather comfortably afford the mortgage if everyone somehow decides to move out at one time.

A 1031 exchange can be a good option because although there is no cash involved in the deal, you would still recognize a gain based on the fair market value of the properties being received over the basis of the property you're giving up (if it's a gain).

Let’s recognize where we are and the effects.