And remember to use a contractor who knows & understands the 203k and has strong financials to afford the start-up costs and ongoing expenses associated with 203k rehab projects.

HVAC is really expensive nowadays and it doesn't make sense to buy something that is going to have HVAC issues right off the bat. 5.

3, cost segs are for assets purchased during a lump sum transaction like your original purchase, anything after your initial property purchase can be classified properly as an asset or expense. 

Yes, you'll have to pay them but until you become familiar with investing, it's often well worth the expense. 

Personally I feel if the the property produces enough for you to make the monthly payment, handle expenses/prep for repairs and money is being made.

I have $40K capital available today and I’m able to put $3K/month towards mortgage, insurance, expenses, etc.

you could look out of state but I feel it’s risky especially being new. try to find something 30 mins out from where you are located, small cit/village/township etc. it’s expensive in my city (cincinnati) but i found something right/just under my price point. it’s a 38 min drive from my job but it is mines :) 

Flooring is one of the most expensive items.

Furthermore, I did not show any profit last year after expenses and depreciation, so I don't believe I would owe any income tax, if the city does indeed charge. 

But now it starting to cost $2500 a month plus survey expense of $1600 and counting…😡