-Cash reserves: Set aside a portion of your $50k cash as a reserve fund for unexpected expenses, such as repairs, vacancies, or market fluctuations.

The study identifies with forensic engineering detail the immediate Bonus Depreciation 5, 7 and 15-year personal property class lives qualifying portions of a building that are normally buried in 27.5 year residential or 39 year commercial categories.As a reminder, bonus depreciation will start to phase out in 2023.

Only a portion of the rent is covered.

I have gone through a large portion of this thread but have one question I do not believe has be addressed.

Unfortunately, there are no refunds for unused portions of membership: https://www.biggerpockets.com/...So, knowing you have several months remaining, consider going all in for a couple of months and getting active on the site. 

Lines of Credit and Loan Opportunities: Access to credit is vital for real estate investors to purchase or renovate new properties.

I assumed that we would end up basically owing nothing since depreciation, repairs and non-principle portion of our mortgage payment on the house greatly outstripped the amount paid toward principle.The tax preparer said we had to pay taxes on essentially the entire rental payment since our income was basically at 150k.

I say, that is a great deal for a second.Now, in this real example, the purchase price of $415k and rehab of $16k (that seems terribly low, so red flag for me on this portion), places this at an all-in deal (acquisition plus rehab) of 75%.

If they have lived there at least 2 of 5 years, a portion of the gains is free of gains tax.  

If you do find someone that makes it a practice to front the licensing $, then they will likely keep a big portion of your commissions and they will have you sign an agreement tying you in for a while.