I'd rather acquire 20 units over a 4 year period with EACH unit at the 2%/4% rule in a C area then trying to simply accumulate a "door count" for bragging rights. 

I don’t know your particular states rules, but I have yet to see anything different.

If you reside outside of this map (or on the Nevada side), then your permit requirement will fall under the county rules most likely. 

I went to a couple of local workshops and decided that buying and flipping was too big of a place for me to begin (maybe in the future, I'm not ruling anything out).

My earlier post covered the rules for deductions overall.

On your primary residence you should be able to get a HELOC for up to 95% of the current value of your home, subject to DTI restrictions of course (typically 50%). 

This would also allow us to not have the property change ownership and we would be able to sell right away to an FHA buyer while avoiding the anti-flipping rule. 

I need to apply for section 8 and ask then a set of rules, I guess.Thanks for looking out for me man!

(In this case, the "70% Rules" suggests: $69k!)

Congrats so far, anyway.As a rule of thumb, so long as its gross rent per month is at least 1% what you paid for the property, you should be able to leverage it up to about 70-75% LTV before it starts to regularly cash flow negatively.