But like any rule of thumb there are times when it just doesn't apply.

Does the same rules apply in Ohio

Thank you Raheem, I'm excited about applying what I know to this market and adapting. 

This applies to estate planning and asset protection planning as well as investing.

The description of this forum includes "put/call options" as they apply to real estate investing. 

So if I’m stuck with a total basis of $300k then I either take the Tax Appraisal’s numbers and only have ~$50k of deprciable assets or get an appraisal and apply percentages based off that. 

Yes, it is a more robust retirement plan, but if the benefits the plan provides will not apply to you, then what have you achieved?  

When you apply you can say I want to do some improvements around the house, go on a big vacation... 

For example, in Oregon i must accept the first qualified tenant that applies.

@Derek Willis another option would be to buy with leverage, but not all at once that  way you can take the lessons from the first property and more efficiently apply the rest of your capital.