@Joe Gellenbeck 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 Class A property in Class D area, what quality of tenant will you get?

It's a good practice to overestimate costs and underestimate after-repair values (ARV) to keep your expectations realistic.

., mortgage interest, taxes, repairs, depreciation) on Schedule E starting when the property is placed in service.

The mailers I receive for my properties are not of a high enough quality, to make me believe the sender understands what gets a recipient to even open or read the mailer, let alone respond. 

Cost per lead (CPL) is crucial—it shows how much you're paying to get a potential seller or buyer’s info, and you want this as low as possible without sacrificing quality.

@Gene PanicciaManagement fees vary, but it's not uncommon for a PM to charge fees for managing tenant-paid utilities or coordinating repairs.

The reason the answer is framed this way is because when you take a HELOC out to make repairs on your personal residence, you are allowed to tax the interest deduction on your Schedule A of your 1040 income tax return.

Perhaps a better vetting of the buyers on the BP side will enable better quality leads?

I know sometimes no matter what everything just isn't for everyone however if you stick to quality service you'll hit the goal more times than not.

Don't invest in a market if you can't find a quality PM!