Lenders can have different loan options based on the property type and the amount of rehab (if any) required for the project. 

Another focused on National Realty Investment Advisors, a New Jersey-based firm with a big Philadelphia property-development footprint that promises large returns to investors on national TV and radio ads.

Based on 27.5 yr straight line depreciation, that's about $1,700 of missed annual depreciation; $25,000 over 15 years - and at an ordinary tax rate of say 30% tax could amount to $7,500 off my current tax bill. 

Based on your post and other comments, it sounds like your rehab is extensive enough that the property isn't habitable.

@Jaycee Greene I am looking to buy a primary residence while I am based there, then turn it into a rental once I PCS again two years later.

Do you have a specific revenue target in mind for hiring, or are you basing it more on workload?  

@Aaron Zimmerman Good point about structure set up and determining cost bases.

I'm California-based where there aren't any real deals in my area, so I'm exploring Detroit as an alternative real estate investment market - due to the combination of it being a strong market and my having connections in the area. 

Then based on purchase price and escrow I back into how much money I would need to put down to reach my cashflow goal. 

I'd underwrite the deal as any other - make sure you are conformable with the quality & tenant base.