Purchase price: $255,000 Cash invested: $60,000I bought a condo back in 2019 in Ashburn, VA as a rental property.

Assuming you purchased in your IRA for cash as most do, then there's nothing to deduct or depreciate because the income is non-taxable inside the IRA already.

I heard about bigger pockets from a friend of mine that has successfully built and rented multiple properties in our area. 

They may have used one of their friend's companies or something shady like that.

Regardless, you might find the copy & paste info below helpful:)--------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Off-market deals help you avoid this by giving you the opportunity to negotiate directly with the seller and secure a better price.Underestimating Repair Costs – Make sure you account for all repairs and renovations when purchasing a property.

Purchase price was $245k, rehab was $35k, and ARV is $330-350k.

. - Have seen many investors create their own LLC and use their name & address:(- Only works if you put a property in LLC when you purchase.

My point is even with a significant discount on the purchase, it will not be easy to find someone that will be eager to purchase.  

I have a goal of purchasing a small multifamily this year, so I want to start making the steps to make that happen.