Correct, the depreciation is calculated on your cost to acquire the building alone (i.e., not including the value of the land - you may need to allocate the total purchase price for the property if the purchase price of the building alone is not separately provided).

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. 

Hello all I'm a new investor trying to find ways to acquire more properties.

How many properties have you acquired using that method and how much did they cost?

I live in Austin, TX and I have been acquiring duplexes as far back as 2002.  

@ Deandre Prescott Within 6 month:-There is no waiting period if its  documented that the borrower acquired the property through an inheritance or was legally awarded the property(divorce, separation, or dissolution of a domestic partnership).After 6 month its simply cash out. 

@Cenddie Alaban,     There are soo many ways to acquire property and some of those listed by others above.  

And, "what if told you" that, using leverage you have the potential of acquiring at least 4 times as many income producing properties in Parker, Colorado Springs, wherever, doing really nice things like, reducing your principal balance and tax burden, more tax benefits done right and, never least, appreciation. 

I've owned for about 7 yrs and only about 3 yrs ago was able to rent both sides due to a new position I acquired out of state.