While leasing is the front door to maintaining a property’s occupancy, renewing tenants is the back door.

The property is livable, but I am account for a pretty significant turn in 4 - 7 years of paint, flooring, and any miscellaneous repairs that the inspector could have missed since it was occupied.

With the down payment you're putting down (assuming it's at best 25%) with current interest rates, you're maybe going to be scraping a couple of backs cash flow on a Class C+ property. 

Assume you never met them at the property, and fielded 1 phone call from them.

It's a great way to get into a property without needing to pay a large down payment. 

Why not save more money and look at higher value properties?

I'm working with Michael White, Real Estate Sales with Midtown Property Management in Harrisburg, PA.

I can do the parade of horribles for a personally owned rental property but suffice it to say that it is a long and robust parade and the horribles are horrible.

After 8 years or so, you've got three or four properties and the world opens up to you at that point. 

Warning:If you depreciate a property down near zero and then have to sell your property at a loss during a situation of distress...You could end up giving all the proceeds to the bank AND owe the IRS a big chunk of money for recapture.Long-term tax planning with real estate needs to be coupled with risk management and making sure you don't lose any properties.