Was a huge success and we literally had people moving in as we were punching out. if location is good you should be sitting on a gold mine.

Define your investment goals, familiarize yourself with related terms, evaluate your financial situation, begin small, investigate markets, establish investment standards, cultivate professional connections, carry out exhaustive due diligence, investigate funding alternatives, and determine whether to manage the property on your own or by hiring a property management company.Decide what you want to achieve—stable cash flow, long-term growth, tax advantages, or all of these—and dedicate some time to learning about them by reading books, using the internet, taking classes, and attending seminars.

If they get a bank loan of 75k, I will carry the remaining balance on a ten year with balloon. 

Your number will grow exponentially, not linearly and your blind spots are expenses that you are too frugal to manage today but will eat at a higher price tomorrow.The goal should be to eliminate expenses via consolidation, have multiple sources of income, and carry low risk(debt). 

What if it's a seller carry on a free and clear property?

Its time for me to get serious as I want to build a long term rental portfolio that can carry on through my golden years and for my children to one day take over. 

Do you carry liability insurance?

Your examples and explanations help a lot to clear up the original question, specifically clothing items.Do you recommend I keep a record, separate from my P&L, of purchases that may be less-than-ordinary, such as a cargo box to carry tools in my truck, or car seat protector covers (to protect my truck seat from getting dirty from tools and other items), etc.?

@Andrew HeimannTo invest in Kansas City real estate, you need to be self-educated, have clearly defined goals, know how to relate, start from a small beginning point, seek advice from professionals, and carry out a thorough research.

But there are some circumstances where it might make sense to defer that loss such as if you expect to be in a higher tax bracket in the future and it would help to carry it forward.