A lot of people shrug off Modular and Manufactured but they are both cash cows and help avoid longer construction times, higher material costs and less permits. 

"Is it a common practice to report it as a loss even though I fixed it out of my own pocket?" 

Depending on the exact location, age, roof construction type, etc, there definitely could be a few things to watch out forAssuming the roof is of a reasonable age, it's still more than possible to cash flow with these properties, even after accounting for recent increases in insurance rates that we've seen.

I've been out of state for a long time now. 

Feel free to reach out if you would like to discuss specifics.

There is a burned out shell of a building located on a main street near our home.

Purchase price: $400,000 Cash invested: $200,000 Bought this fixer upper 2 family house with 2 bed 2 bath and converted it to a 4 bedroom 2.5 bathroom with finished basement.

My question is, how do I take money out of the property or leverage the property so I can buy the next one? 

I had a conversation recently about debt in America and what came to light was how will the American people respond having a little more cash in their pocket.  

When you are just starting out, all you need is good insurance and stable and steady enough income to not worry about defaulting.