You do have to keep an eye on your write offs to ensure you are showing a good NOI and not using too many write offs to show enough income to use for bank/lender underwriting on a mortgage/loan.

My wife and I are eager to build multiple streams of income, and we believe real estate investing, particularly in multi-family homes, is a great way to achieve that goal.

Its in a lower-income area where the current rents are $400, $650, and $800 (vacant could rent for $600).

Checking: collect all income here, then use it to pay bills.

@Charles Perkins is absolutely correct about "collecting all receipts, properly tracking all income and expenses and your basis for all assets properly documented and recorded."

Note origination where the borrower owns multiple properties with little or no debt, needs a loan for an acquisition, but can’t produce proof of income sufficient to get institutional financing.  

It appears it's an income-producing property for investment.

You have no income. 

@Kaleb JohnsonRecommend 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?

Invest in a rental property for long-term passive income?