However, you should be able to pass through the income / expenses / appreciation to your personal taxes.I'd hop on a call with a mortgage broker that does conventional and DSCR products - they will be able to answer your questions better than anyone.

On some properties (newer) a 40% op ex ratio may be better on other (older) perhaps a 55% to 70% op ex ratio is better. 2.

I am very familiar with hard money:1) you will mostly find a 10-13% interest rate range in the market depending on the combination of previous experience with rehabs and credit score.

For example, there were a few recent duplexes for sale around $350K-399K, with 20% down, and the potential to get $1,200–$1,300/month in rents on both sides they would have the ability to cash flow.

Hi Bobby, can you expand on your question a little bit, what do you mean by where to start?

The dirt is worth about 450k because of the amount of units you can put on it.  

Are we talking posh along "lake formerly known as Calhoun" property or an off Broadway "strap on the flak jacket" sec8 property? 

You may do some research on what life is like on both ends and make a decision from there. 

I'm sure you will need tools to find deals (eg price/sqft etc), estimate rents, calculate cash-on-cash returns, cap rate etc.

Your property sounds a lot like one of my clients in the urban core of Kansas City, though he focuses on SFRs.