As for the estimated income taxes, there’s no gain until I actually sell the house, at which point everything would be in COGS anyway—under your method or J Scott’s method—so I’ll know how much net income was generated and can easily estimate income taxes.

Rent out any bedrooms you aren't using while you live there to generate even more cashflow. 

We dealt with rentals, flips, commercial, small apartment complex developments (~10 apartments), sport facilities, and a few government contracts.We are actually very open to different opportunities and investment approaches, but our plan was to start "smaller" with some cash deals in NJ (maybe somewhere in the area between Staten Island and Philadelphia, but staying in NJ), by flipping a few smaller properties and starting to generate some income.

My understanding is that a lower price to rent ratio may indicate a property’s ability to generate cash flow.  

The outcome of investing in 9121 Chesapeake Blvd has been positive, with the property achieving full occupancy and generating a steady rental income.

The tenants power was shut off for non-payment and I need to put the account back in my name.Recently my HOA sent me photos of my rental townhome with a gas generator running in the yard and the electric meter missing and shorted out.

Account ClosedI'd house hack locally.  100%.And IF you are serious about OOS BRRRR in the Midwest - you're going to need to spend some time in person in your chosen market.If you buy a random property that you haven't seen just because people you don't know tell you "it's a deal" - you will lose money.

It's smart if you plan to hold the debt and can generate cashflow, like any other loan.

A DIY cost segregation study will likely give you the report within a day.These studies are generated by completing a questionnaire that was created by engineers.Best of luck.

But, I would recommend hiring an REI-savvy Bookkeeping Professional one day so you can focus on other higher revenue-generating tasks.