In today's market, I would have a hard time believing that you can buy an asset and conservatively model those returns. 

From what I've read, I believe that you can use the BRRRR method to obtain a mortgage 70-80% LTV and use that to pay off your seller, then use the rest to repeat this process.

With my prior experience in both traditional commercial lending, government programs, and tax incentive programs (TIF financing, LIHTC financing, and NMTC financing) I hope to be able to add value to other members while also structuring several deals and manage assets.  

Norfolk class C assets can have maintenance costs that dramatically vary year to year.

I lose the asset but gain the overage.

I am leaning towards 1 mil in liability insurance and 2 mil in umbrella as my rental asset is worth about 250k.

Asset protection is key concept that I picked up from Rich Dad Poor Dad book "Unfair Advantage" by Rober Kiyosaki, and my limited understanding tells me that I should have an LLC to protect my personal assets from the property, that is a cool $800/ year here in California.

Thanks for the recap as it has been a bit since I read it and I have starting to buy liabilities and not assets!

I am absolutely obsessed with real estate, and I cannot wait for the day I obtain financial freedom doing something I love.

@Josh Wallace The depreciation schedule (usually called a Tax Asset Detail, Fixed Asset Schedule or Federal Asset Report) is just the document that shows your depreciation deductions.