The loss created by section 179 is limited to your total net taxable income amount from all "active" business income you have, plus any W-2 income. 

The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

I am currently really only interested in anything up to a quadplex I think.

Quote from @Nicholas Klaene: Hello,I'm currently looking to buy my first rental.

An older gentleman from church is selling off his portfolio of SFH/MFH rentals in the Belleville, IL area and offered one to me as he knows I want to get into RE Investing.Purchase price is $50,000  for a 3 bed 1 bath and the current tenant is renting at $800/month.

Currently there is plastic sheeting covering the hole in the ceiling, about 4'x4'. 

Question: your current model worked well.

It’s paid off, I would “like” to leave it that way & maximize the cash flow while paying down the heloc between the rental & other income.  

Brand new to real estate investing - I currently have 1 3/2 ranch in good market  (Greensboro/WS/ Highpoint) used for furnished medium term rentals. 

Your cousin should contact the lender to discuss his options.If he rents it out, he must report rental income and expenses (e.g., mortgage interest, taxes, repairs, depreciation) on Schedule E starting when the property is placed in service.