He started  with an environment that nurtured him and not butchered him.

Too many people want everything (and now) and don't save up or find ways to cut spending when needed or earn extra income.I also wonder how much of the credit card debt is spending vs balance being carried forward to the next month. 

The most southern OR city of Brookings offers tremendous value, and the difference in taxes, insurance and associated carrying costs for crossing the State Line are considerable in comparison. 

And continue to do so for the life of the rental property each year carrying forward losses?  

Hahahah WTFI love it you filthy animal lol 🤣I know it's illegal but I would tare down $40,000 worth of work for lack of payment.Have seen it done many times lolI started my career as a laborer in Sydney.Swept floors for 4 years and carried sheetrock, studs, etc...High rise office fit-outs.Could never take the elevator with the white collar folks as we "where" filthy animals.Funny thing is, I made more money than most of the suit and tie guys 🖕Construction in Oz is very well paid and not much shady biz in not getting paid.But yes, treated like S#@% over there also.

Land cannot be depreciated.2) Whatever depreciation you cannot use in a given year gets carried forward and can offset passive income.

You want the big house and the car even while carrying large amounts of consumer debt.

You get that back if you sell, but if you keep it as a rental it takes 153 months or 5 years to break even on your down payment alone.https://www.redfin.com/IN/Indianapolis/1515-E-Kessler-Blvd-Dr-46220/home/66981054ARV / Sell Price$235,000We Calculate All CostsPurchase Price$152,750 65%Closing Costs$2,000Rehab$30,0006 Months Carrying Costs$9,114Real Estate Selling Costs$14,1006%Other$0Other$0Total Rehab Costs$207,964Now We Calculate ProfitARV / Sell Price$235,000Total Rehab Costs$207,964Gross Profit$27,036IRS Tax$4,05515%Net Profit$22,981Per month profit$3,8306Loan Down Payment$30,55020%Loan Amount$122,200 80%Loan Cost per rmonthPrincipal & Interest$8137%Prop Taxes$321Insurance$168HOA Fees$0Monthly Payment Costs$1,302Monthly Payment 1$1,302Monthly Payment 2$1,302Monthly Payment 3$1,302Monthly Payment 4$1,302Monthly Payment 5$1,302Monthly Payment 6$1,302Utilities for 6 months$1,302Total for 6 Months$9,114

But the way I look at this example is I go to the supermarket I pay on time, bag my own groceries, carry my food out to the car and still the super market raises prices on food.

Terms as noted are whatever buyer and seller agree to.. either way if the seller takes no interest on the deal they will have imputed interest and if they check with a CPA that will kill the deal right then. plan on paying interest.I could be wrong on all of this but I am pretty sure this is how it works in the states I have carried contract for deeds  CA OR WA.