That'll help you figure out what direction to aim in before speaking with a bank to figure out how much you can qualify for. 

🔥 Yes Trevor. talked to few agents,lenders,contractors, and checking out the properties, trying to figure the good contractor and deals as well.

I don't have a ton of cash right now so figuring how to do it all creatively is definitely in my priority list.

I'm not rich, but I make a very healthy living and I'm around a 7 figure income.

@Johnny McKeonI'm not a CPA but my experience says, yes, you probably can.To avoid confusion it is helpful to separate out the concepts.REPS - Roughly, the requirements are minimum 750 hours active in real estate and those hours must exceed any hours in a non-real estate job.  

Maintenance/cap ex, insurance, if a rental PM, bookkeeping, misc.The fact you have a loan means 1) leverage 2) equity pay down.In addition, there are tax benefits.So I will do some rough underwriting as an OO non-rental at 95% LTV (because FHA has some undesired consequences that make the 1.5% difference in LTV worth avoiding the FHA).equity paydown: 20% (using OP interest rate at 95% LTV and not counting closing costs). 

Laminate flooring in main areas with carpet in the bedrooms. 4 bedroom, 2 full baths, and the basement will have a full bath roughed in as well as a wet bar rough in. 1 egress window in the basement for a future bedroom.

Your mortgage has nothing to do with your taxes.Here is a very rough starting point, however the actual calculation will involve more details:1.

@Jay Fayz for SFR (1-4 family) Classifications are mostly opinion-based.Not aware of anyone tracking eviction rates, except Evictions Lab nonprofit that doesn't like landlords.Here's some info that might helpt:---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

We usually sit in the back room at a round table and energetically discuss real estate - you will immediately figure it out, everyone does :)