Offer them a substantial non-refundable option fee to show I’m serious, deductible from purchase price, then use the option period to either find a cash buyer to flip it to or find suitable financing for myself to hold it.

What about charges that don't generate the same type/amount of tax deduction -- I pay my health insurance with a credit card, but I can't just take a Schedule A deduction of my insurance premiums. 

only downside i could think of is interest probably isn't deductible but no big deal. 

@Ross Ellington,Talk to your accountant to verify that the interest on your home loan as well as the property taxes are deductible.

The primary residence is not an investment, the rental property has more deduction than a primary residence, if your plan is to get some tax break.What is you motivation to buy a primary residence?

To take every possible tax deduction...put notes and receipts in a shoebox ( worst case) save EVERYTHING!

Kevin,That will depend on the age and price of the home and the amount of deductible.  

You would subtract out all deductible expenses from your total revenues to determine your taxable income.

Garage conversions can be tricky on the valuation as some appraisers deduct value for not having a two car garage, so the gained value is often not as much.

For someone who has cash - could be a great deal and very secure against a low leveraged property.Best,Michael Vallee No you may not, this falls under self dealing, invalid contract, as you can't create a debt as an asset to yourself, use that or market that you're looking at fraud, racketeering issues, take a mortgage deduction you're looking at tax fraud.