Can I use both as an expense when filling out my schedule E?

This will perform as a true 8% cap fully leased.7200 Germantown Avenue: Listed for $2.15M.

If someone ever has dealt with this, please give me your take and advice.

Talk to your insurance carrier to make sure you have the right policy (may need to switch from regular homeowners to landlord policy) and look into an umbrella insurance policy.

Thank you Blake, I'm looking into those meet-ups right now.

There have been some very good spreadsheets posted on here in the past that you can search for and find.A spreadsheet is going to be much easier to use and play with different numbers than an app.

If they are professional, they can explain this quickly and easily.

And we are a true believers in this tactic.

The thought behind this is that the water/rain/ etc runs away from the house and doesn't sit and saturate the solid. 

If this is a project for you and you are newer to flipping I would have a seasoned person/mentor help you through this that has done it in the city for example @Joshua Janus as he mentioned it did it.