I own a SFH in Anaheim, CA, which I rent out to my family, so I'm not concerned about liability.

I like to make deals that I think will appreciate well, but for my position, it has to be icing on the cake!

I really think there are some amazing areas there around the city that have good price to rent ratios and huge upside for icing on the cake (appreciation).Keep us posted on deals you have in the area. 

I just moved from Anaheim, CA to Phoenix, AZ last year and totally understand the outrageous SoCal cost of living. 

Even a "full qual" loan was a cake walk compared to now. 

Investing for tax benefits should not be the prime reason but simply the icing on the cake however.What I found typical is for people to lower their leverage as they age.

You can't have your cake and eat it too typically.

@Arshad HussainWe do not have the full information, but I suspect that your CPA was correct but did not explain it well to you.You were probably trying to eat the cake and have it, too - which is not possible in taxation. 

It's hard to say which is the icing and which one is the cake, cash flow or appreciation. 

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