There are loans that will ignore your income but will likely require your assets to be good...and you'll have to prove it with documentation. 

Ignore the advice from people who have never stepped into Austin.Ignore the advice from people who are real estate wannabies who want to make money but have not made enough yet. 2.

If you're serious about investing for cash flow (while not ignoring appreciation/value-adding potential), then you probably should reassess your "neither of us are ready to let number one go" philosophy.

Even if you did not take depreciation, you owe the depreciation recapture tax.The IRS probably will not catch you if you ignore this rule and do not report anything - however by the rules, you should.

@John Hyre it is one of my frustrations that so many investors choose to be ignorant about the law.

An 8-plex at 1017 E MCKINLEY ST, Phoenix, AZ 85006.So ultimately, you've got a case of seller/listing agent pulling an asking price out of their rear end and completely ignoring reality.You get this for $300k (what it's worth -- or less) and your PITI drops to $1,555 and suddenly this deal makes a whole lot more sense. 

  :)  Tax-ignorant clowns like Grant Cardone (who amazingly holds an accounting degree) love to "teach" bogus "tax-saving loopholes" - like put a business sticker on your car to make it deductible.You car is only deductible if it is actually used for a legitimate business, as @Lance Lvovsky explained. 

I told them the problem and the realtor who gave me the offer ignored what I said. 

It doesn't seem like it would take much more effort to respond to the tenants as it would to ignore them.

The list price is $90,000 for 6 units at around $450 rent and they would be fully renovated.Normally I've just completely ignored anything in an area that was high in crime at all but I had just read a part in The ABC's of Real Estate Investing where he talked about buying a property in a bad area and things they did to turn that around.