Bigger Pockets is the ultimate game changer when it comes to successful real estate investing.

I too am in the same boat where my local markets were and still are just too expensive and I ultimately decided invest out of state (that was almost 10 years ago). 

We have the cash to cover it but would ultimately want to immediately free it up for the repair costs.

That is, you can capitalize it in your net purchase, as it was part of searching for the home you ultimately did buy.

How you ultimately financed it, upfront when you purchased it (or how you might refinance it later) is irrelevant.Just do a simple search on the internet for depreciating rental real estate property, you will find a virtually limitless number of sources that can explain basic depreciation mechanics - its not rocket science.

Ultimately it's a decision that needs to make the most sense for you?

Lesson #3: If you expect to survive in this business acquire the appetite to stand your ground when dealing with tenants.

My ultimate goal is to acquire enough rental properties that will produce enough positive cash flow so my family will be financially free.I'm looking forward to learning and networking with everyone here. 

From what I understand, most major banks will not allow them.At the end of the day, your decision is based on what your ultimate goals are.  

If the recession is long and deep you may realize some pressures to lower rents but if that happens then I'm not sure where you could invest that would survive that type of recession.