So, how can you deduct all the expenses even when house technically rented?

Considering I don’t technically have to hire one to make an offer (nor did I the first time but I felt there could have been value, if it had been met), there’s a real consideration to the opportunity cost.

By that point, I will have paid $33,400 out of pocket (technically a little less, maybe 25k, since the rent would start to cover more of it eventually?)

They only way you could technically use it is if you were planning on living in it initially and house hacking.

The technical knowledge of how to move earth, install sewers, etc., mesh with the laws and regulations related to what type of street to install for a local government to accept it and maintain it along with the business decision to perhaps have an HOA maintain it instead. 

There will be technical stuff you have no idea what they mean, for example an un-experienced buyer may need to call them to figure out what the heck "GFCI" means. 

So unfortunately, the family could technically still come back up to 5 years later (assuming they even know about the property).Either way, the house hasn't been formally foreclosed on, so there isn't an auction date yet.

Prefer SFH far and away for the following reasons:Easier to rent / more responsible tenant - built in buyer - lower maintenance issues ( tenants typically take care of incidentals )  - larger appreciation  - easier to sell - larger cash flow - low vacancy rates ( 1.2 % average over the last 3 years ) - easier to overall manage  All my units are in Winnebago County with the following averages appraised value  $88,000 / cash flow $312 m / LTV 67.2% / 5+ and 13+ remaining amortizations ( originally 7 and 15 full termed ) monthly expenses $54 m 2018 47 m 2017 so technically net cash flow would be $258 2018 and $265 2017.

The impossible deal came together (though technically there was a 5 day period where we had like $200k in the bank but were technically homeless since the closing got pushed to Jan 2, 2007).Tomorrow our agent will make an offer, we will see if "impossible deals" can repeat.Thanks and looking forward to meeting you.

Well technically a loan violation, 99.99% of the time the bank is going to do nothing about it because you are still personally guaranteed on the loan.