However, the technically correct approach is to deduct the interest only on any rental property that you subsequently purchase with these loan proceeds (assuming that is what you do with the proceeds).

The Cap Rate equation,  which relies on net income rather than net cash flow, does not take into account the amount of leverage used in the purchase nor does it factor in the cost of the financed capital (meaning that  it fails to acknowledge the effects of your mortgage and the  subsequent payments).If you are concerned with cash flow, the better metric to use would be "cash on cash returns." 

All other credit was ok the home medical bills and subsequent divorce forced foreclosure.

We plan to explore/scout other areas on subsequent trips.We will eventually need the services of an "Investor Savvy Agent" as we begin this endeavor.  

I had a house I originally purchased to flip a year ago that subsequently burned to a crisp in a fire and now I am left with a big lot with a pool.

Until you sell.Also, on the main house you don't need material participation in a subsequent year. 

As a curious aside, I wonder how the IRS will hereafter (subsequent to the new tax laws) treat "not for profit" situations. 

Also don't let multiple couples rent the same unit, cheating and subsequent drama will take its toll on your property.

If there are subsequent events where would be the best place to find and track those events?  

The only message that probably won't land well is if you describe yourself as a million dollar business and subsequently find that you generate $9K/month.