Hey Gene, for your situation, you probably need to get a fix&flip loan to acquire and do the renovation.

I wondering if I can deduct any of the repair, closing cost and deprecation on taxes. 

Most of the stuff you can get at Home Depot or Lowes and get it the next day, so no delays once you decide on something. 

I found a single family home built in 2004 for $240,000 and believe I can get 20% down within 12 months.

I can get behind that, no problem.

I have landlord policies for my rental properties in TX and AL states, but I am not able to get an umbrella policy form my current insurance company, because I do not have car insurance and primary residence in US, as I am not a resident in US.

Saturation is definitely upon us but quality product continues to get booked just like other markets.

Quote from @Mary Jay: Quote from @Jay Hurst: Quote from @Mary Jay: hi guys,so I have a lot of equity in one of my rentals but the interest rates are super low on it. so I dont want to do a cash out refinance on it because I dont want to lose the 3% interest rate on it.I want to get some cash out of it via Heloc or another vehicle,  so I could buy another rental, but its not my primary, so I cant get a HELOC on it from lots of banks....I think PenFed does helocs on rentals, but because I have more than 5 rentals, I dont qualify for their HELOC loan.IS there a bank that would give a HELOC/cash on a rental?

I was wondering if there were any builders who have any good strategies on where to buy land when you're looking for spec homes.

It's great to get other's feedback about Airbnb.