Since then, I have been doing a ton of reading, watching videos/how-to's/webinars, listening to multiple pod-casts and have practiced analyzing a few deals. 

Their original cost plus the value of any improvements made to the property over the years minus the original cost of the land the dwelling structure sits on will be their basis for depreciation. 

Same goes for doctors, dentists who own their own practice etc etc.So if you don’t want to partner, don’t have millions and don’t earn 100s of thousands at your day job, and don’t have enough equity in other properties, you’ve got one more option..Seller financing.

You can dramatically improve your chances by latching on to a successful agent willing to mentor you.

So I have done a fair amount of research on the forums here and elsewhere as well.Generally speaking, it’s common practice to provide a “preferred return” to your investors.

If it's not in month one I'd say that's poor business practice & bad customer service but I still don't think it will amount to negligence in a court of law.

I am leaning that this IS going to be a waste of my time, but I am going to use the time to get me some self education and practice in the following:1.  

This creates a risk of sorts where if you are in the middle of a rehab or have a deal under contract, those funds may not be available.Best practice is to have those emergency funds in something liquid that can float you for some time until the HELOC's are available again. 

I am improving the kitchen and need your advise on the backsplash tiles.

What you should focus on is what improvements will allow you to raise the rents in the building?