Because of this, you have just opened up 1 or more slots available for additional Fannie Mae financing.

With respect to my own reading:Q1: It seems very clear that "outstanding debt / basis = UBTI" is the proper formula.Q2: I agree with you.Q3: Pub 598 seems fairly clear that depreciation is allowed in proportion to the debt-financed portion (see pg. 18).

Last year I also did a couple flips (one in PG and the other one in Baltimore County) with a partner though we did well on one and not so well on the other one, but it was a good experience and we learned a lot.Currently I am looking for my third rental, It has been hard to find something that cashflows (given the good combination of financing and good deal) in the area but not impossible, and I am positive that will find something soon, hopefully the lending works well.I'll be happy to meet other investors in the area and share experiences with other counties that I haven't tried like Howard County, Anne Arundel, Washington, Baltimore (for rental), etc.Feel free to reach me if I can answer any questions or if I can be of any help as well.Best,SergioPS: I love both podcasts though The Money Show has impacted me a lot on many ways.

The same concepts could be applied to the chart on pg. 19.

PG County 

If one misses you could have another slot like 30 minutes later so that trip and appointment process isn't a total waste of your time.

I'm in the national guard, and typically work in a full time status, but because I'm working through the commissioning(~promotion) process, I'm unable to work for the short term future until I get a reservation for a training slot and complete the training.

If they forget to text me and simply show up, I  know they can't follow instructions.And sometimes I'll just do a general time slot, "11:00am saturday, bring a check, there will be others besides you there", be there or be square. 

Airy Casino: Try your luck at table games or slots ( Or stick to renting Airbnb's :/ )  Also offering Pool, Spa, Dining, and Golf.Pocono Racetrack: Located in the Long Pond area, there are always events going on besides just racing. 

@Darrell Taylor My primary is in Laurel MD (Howard County) so I know the pains of investing in the DMV, my advice is look for a townhome or similar to rent in AA County, PG or Baltimore and keep it under $200K so you can be all in at around $55K or so and then get your feet wet as a landlord.