Hopefully during that time the house appreciates (always a gamble and never guaranteed). 

You can have a cash-flowing property that has a loss for tax purposes, primarily due to the effects of depreciation (a non-cash expense).If you have a negative cash flowing property, then your only financial benefit as an investor is the gamble on property appreciation.

I know I’m ignoring any appreciation, but I hear over and over again not to count on appreciation because that’s a gamble.

It could appreciate but I consider that gambling.

A quick Goggle on Than Merril will tell you all you need to know.Now, for starters, here's a web site that will give you TONs of good info and education:assets101.comDyches is an attorney that teaches classes and is a full time real estate investor.

The company now places a warning on there web site concerning liabilities and risk involved.

To help you calculate cost off some repairs take a look at this web site www.homewyse.com .I use it to estimate repair cost and is pretty good.

I'm newbie in all aspects in real estate, I'm trying to learn while navigating through these web site.Does anyone know where can I find the rookies pod cast episodes.

You'll have guys gambling on the side court and people possibly getting shot over a game or down😳.

Could also use removal of vinyl siding and painting but that's always a gamble since we never know what we'll find under the vinyl.So as you can see, it's not a great deal, but it's a free duplex with the financing (albeit not great) in place.