The issue is this negative initial cash flow increases the amount invested which will impact ROI forever.I do not do flips, but if I purchased this property I would be flipping it rather than suffering that level of monthly negative cash flow on that cheap a property.Regardless if you rent or sell, add a closet to each bedroom.  

Costs of set up of Trust, Costs to attorney to set up note, monthly costs to service the mortgage.Just my guess.My thoughts are if you have reached the level of a trade or business, then yes, these costs would be deductible.

If you want something more affordable but still solid areas I would consider - Upper NE Philly, Roxborough/manayunk, and West and part of East mount airy. 

Here's a summary of the reasons: With inflation now in the 2% range, the Fed needs to lower interest rates from their current "restrictive level" (Powell's words) to prevent a recession.

Above my level of need.

It will be taxed on a state level based on the state the entity is organized in, AND possibly the state the entity is registered to do business in.  

The ripple effect of AB 968 could be that fewer distressed properties hit the market at affordable prices, ultimately impacting those looking for a fixer-upper to build their equity.2.

It depends on the level of risk presented.

Or buy a fixer upper and work on renovating (valuable learning experience if damage not too extensive) during college years then sell and keep up to $250,000 tax free profit as your primary residence allows.

Especially at a macro level, people aren't moving to New England, they are moving out.