Looking forward to connecting minded person and trustworthy team of Realtor, Wholesaler, Lenders and General contractor who can assist scaling my real estate dream.Hey Harit, I moved to Columbus a few years ago (from Portland, Oregon which was super expensive) to become a full time real estate investor, and ever since, I've completed quite a lot of BRRRRs, flips, and own a successful rental portfolio here in Columbus Ohio.

The current market conditions have made properties quite expensive, potentially leading to a scenario where I'd have to cover monthly expenses out of pocket.

Here are a few incentives as noted by the IRS:168(k) - Special Allowance for Certain Property (Bonus Depreciation)179 - Election to Expense Certain Depreciable Business Assets Other incentives included in the tax code, however, may reduce the need for a taxpayer to perform a cost segregation study because they give preferential treatment for certain qualifying 1250 property such as 168(e)(6) - Qualified Improvement PropertyHave you utilized either of these incentives as part of your cost segregation study?

So besides penciling income/expenses and profit/loss, I would also be looking for comparable sales to justify your purchase price. 

I have been working in commercial real estate for a few years too but when it comes to diving into my first investment, I am feeling overwhelmed.

The longer you wait, the more likely mold starts to form and creates additional expenses and damage for your project.

It is very expensive though, and for a duplex it's not worth it. 

I am trying to at least reduce my monthly housing expense to under 1k.

.: On Martel's FlipSystem site, it says people make $10,000 to $20,000 per deal after expenses.

Just keep track of all your costs, expenses, etc and at tax reporting time enter all the information.I found it invaluable as a tool to learn more about tax law and play with "what-if" scenarios.