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Based on 27.5 yr straight line depreciation, that's about $1,700 of missed annual depreciation; $25,000 over 15 years - and at an ordinary tax rate of say 30% tax could amount to $7,500 off my current tax bill. 

If it is someone you know you can give them a straight return as if its a loan - can provide a lower interest rate to provide upside - it really depends on the lender and what are they concerned with and what is their risk profile. 

With your primary residence, things can be pretty straight forward in terms of splitting mortgage interest, real estate taxes etc. on your returns.If you go into a rental property, there are a lot of considerations to think about.

I'm considering buying a small single family home near a hospital in the Midwest to turn into a MTR, and trying to decide if it's worth the investment to furnish vs. going straight to LTR.

So... how much of an impact would it be to just go straight to cookie cutter Rooms to Go stuff for the big ticket items? 

Yes trying to find info as well, offered 1031 and/or straight investment $s w 6 month min lockup period for a return in the 14s, seems too good(i know what they say, lol)

Just normal stuff that happens in this biz when you're dealing with so many variables and things like that.At the end of the day, what you want is someone who will shoot you straight and who will do what they said they would.

After 40+ years in real estate sales, management, and investing, I advise someone in your situation to cultivate your patience.No market moves in a straight line--they move in cycles. 

Yes, even the best system will see a bad tenant get through, but we've found that raising the bar cuts out 90% of what we have to eventually deal with, and for the remaining 10%, if it's a tenant who's always paid in good faith, we try to work with them within the month and, if it doesn't pan out, we move straight to the hard talk.