Accumulate rental properties quickly and have them pay for your monthly expenses.  

This is an added cost to you.2 - You take that money and buy your equity on the rental property.3 - Now, to see where this impacts you negatively, try this:  Take the $300/m, or $3600/yr, and see how long it takes you to accumulate enough CF to recover the money you spent paying off the mortgage. 

If you plan to just sit and accumulate properties, then by all means, your theory is correct.

@William Brock  We furnished it by accumulating furniture/decor in our garage in Houston. 

As with any investment decision, caution and diligence are paramount, but ruling out syndication entirely may mean missing out on valuable opportunities for portfolio diversification and wealth accumulation in the real estate market.

Here are some more details...The property has a $40K+ water bill.The water company has informed us that with foreclosures, the new owners are not on the hook for past balances.so the lender/trustee is responsible for rectifying this... and the balance is so high they're delaying until they figure something out.Aside from that bill, there are no other encumbrances and we're able to get clean title with owner's title insurance.We got in the deal with cold, hard personal cash.We have a balance, which is {AuctionWinAmount - DownPayment].This balance accumulates interest until we close.so we have equitable title, but the property is not deeded to us until we close with the trustee.

@Jonathan Schweinefuss, Here are some tips to a successful commercial real estate investing;Be an investor instead of an accumulator of commercial properties.

I guess what i'm saying is; instead of spending years accumulating cash for a purchase in order to avoid debt, it is probably better to spend a lot less time and money to create a cash flow stream earlier. 

You'll force some equity and get most of your cash back out... then do it again, and again, and again.Long term, that's absolutely the way to go as it will allow you to continue to grow without having to just sit, wait, and accumulate cash flow/savings to buy the next one.

Those suspended passive losses that I accumulated the years prior had me covered entirely on the taxes side.