Yeah you won't get the tax benefits that trickle down to your personal income but that's because in a retirement account there are NO taxes on the gains in a Roth or it's tax deferred in a traditional.  

I am 16 years old and started reading financial books (Rich Dad, Poor Dad, Cashflow Quadrant, etc.) at 15.

Vincent but very rich.

Depending on the types of repairs needed you may or may not be able to get a traditional mortgage for the property. 

Others specialize in buying rentals using traditional 20% down methods. 

I wish I would’ve read rich dad poor dad sooner.

But no one is getting rich off that cashflow even in a best case scenario.So to outline this again, here's the alternate scenario.

This can be particularly advantageous for those in need of quick funds or looking to steer clear of the strict criteria set by traditional lenders.

If you stay/buy in the expensive/deed restricted area, you know you're going to have some challenges...you might become "house rich and cash poor"....Just something to think about.Let us know what you decide to do, and how it turns out. 

What you’re getting at is that when you lose your W2 it significantly worsens your debt to income ratio – which would make getting traditional loans harder.