@Daniel MadhavapallilYou should hire a tax professional. 

@Victor Yang To use the rental losses to offset any active income (W2), you'd have meet Real Estate Professional status (which would be difficult to do with a W2 job because you'd have to work more on real estate than any other job to qualify) OR have an AGI of $150K or less.

My goals are to start building an investment portfolio of professionally managed (I could tell you all the reasons I will not do it myself) multi-family properties and, in time, develop a property in the Northwoods (Wisconsin/UP).

However, I would prefer if the property could support itself and not be a drain on my personal income.  

I am currently looking to Purchase and Rehab a House in the North Dallas and DFW areas.I am eager to Network with fellow Investors and Professionals in the area to explore Opportunities for Collaboration.

Payed for the so called free CD/DVD stuff and all of the sudden they are charging me $40 and $98 a month for something I never signed up for.You got to watch these gurus they like to sucker people in with these free CD's,etc but in reality it's a scam to drain you of monthly charges for something you never asked or signed up for.People like that belong in jail.

If you’re serious about bidding, investing in a professional title search is worth it to minimize risk.

Trying to be professional and courteous.

Readers should seek professional advice.Thank you, Ashish.

More than standard among design professionals- Architects and Engineers.