@Kenedy A Foryoung If you make less than $100k, you can write off up to $25k of net rental losses (rental expenses in excess of rental income) per year.If your income falls between $100k-150k, your allowable rental loss phases out.If you make over $150k, you cannot deduct any net rental losses against your W-2 income unless you're a real estate professional (which you likely won't qualify for with a full-time job).

When we are ready to close and move to the construction phase, a construction loan is brought in and other needed equity comes from a variety of places (other investors, LP investment firms, etc...)

So I’m 22 and I’m in the educational phase of hopefully being an REI I plan on buying my first property next year for house hacking. after I improve my credit score and save up for my down payment but I’m torn between two markets I was thinking about moving to Atlanta and buying my first property down there but I’ve never lived there nor do I know the market or should I just purchase my first property here in my hometown (Chesapeake va) just to get my feet wet and then purchase my next property In GA?

Since the time to purchase land and permit can be month to years I want to get a better understanding as to were payments come from during the pre-construction phase of real estate development. 

Right now, you're in the information gathering phase.

Make sure to check the zoning and do a phase 1 environmental to make sure you can do what you want down the road and the property has no environmental issues.

I realize that the best way to find these exact numbers will be to talk to an agent, contractor or property manager but I am just starting with none of those connections and am simply in the learning phase at this moment and am hoping to get a better general idea for repair costs.  

I know i can do long distance but still not out of my debt pay down phase.

Actually, we’ve been able to secure leasing doing the rehab phases on a few homes over the years.

I ended up with around 275k invested and the newest appraisal should hit 450k+ once i finish the second phase of the second story.