Are you a US citizen who understands how things work legally in the USA?   

If you're not sure of you preferred direction with your next property I would invest in understanding investing more thoroughly and read 5-10 books as well as speak to other experienced investors.

This means understanding the neighborhoods, pricing trends, and what buyers are looking for.

@Kris Lou Be careful with agents as 95%+ of them really only know how to handle owner-occupied transactions.We don't do biz in Indianapolis, so this is unbiased info we hope you find useful:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I understand that I need to account for taxes, insurance, and other costs—Should I go with a LML and then do a refi later on?  

I also understand that some cash buyers, unlike many of those motivated by greed, are honest and knowledgeable, however I find it difficult to identify them.

Yes, I understand the distinction. 

Since you’re assuming this debt as part of the purchase, understanding the exact amount is critical.

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

So as I understand it, repairs/maintenance is fully deductible the same year but major improvements have to be depreciated.