Big goals, big action, big results.I'll achieve my goal through lead generation via bandit signs, classified ads, calling craigslist ads, PPC, driving for dollars & consistent direct mailings.

Since you wont be living there it would be classified as an investment property and would have a higher downpayment and interest rate.Now if you want to buy it to live in it then you would have to wait for at least a year.  

When you have a rental property, it becomes classified as a "Public Building" and is subject to a bunch of code requirements.

Just talk to your accountant about what can be classified as repairs vs improvements, and how best to carry over loss/depreciate the property considering you are currently cash flow negative.

With me as the New owner of he property and having a current renter paying $500 per month , do I just need to deposit this money in my account as well, and claim the $500 on my taxes as " Income " or how does Rental income work ( get classified ) via when it comes to taxes ?

What would you classify the area as?

(see 2 for source)From SEC filing: "During the three and nine months ended September 30, 2015, the Company sold its Houston portfolio along with certain other properties for an aggregate sales price of $18,356 and $21,063, respectively, resulting in an aggregate net gain of $2,089 and $2,320, respectively, which has been classified as net gain on disposition of real estate in the condensed consolidated statements of operations and comprehensive loss...."

Your CPA/tax accountant will love you if you are classifying your expenses in line with Schedule E. 

A "Lease Purchase" sign could help as well as classified ads.Also calling some of the "we buy houses" signs could yield some leads

Thinking about doing some out-of-state Wholesaling through Pre-Foreclosure, Evictions, Pre-Probate, Possibly Tax and Bankruptcy, ETC...Does anyone have a link to city stats that would classify them as a good State to Wholesale in?