I collected a list of homes from driving for dollars now then I used my tax assessor website to locate the owner how do I find the new address for the owners or new telephone for them?

I don't believe so, only the mortgage interest, depreciation, improvements & property taxes will be tax deductible (note generated in 2012), correct? 

Just replaced my first tenants with a three-generation family.

If you can generate 7% off your investments that 200K of govt money means $14K in your pocket every year as long as you keep it.6.

Yes, if it fails - you park will not generate enough income to build up reserves to replace the system. 

REI has historically been very competitive.Cash is not king in real estate investing...deal flow is (lots of it).If you don't start now, you will have no experience or relationships if a correction occurs.If a correction occurs, lending/capital sources can dry up.Investors over-estimate their ability to pull the trigger when prices are crashing and there is no end in sight.If you can generate even a small positive IRR from real estate during an economic recession, idle cash is the risky choice (and is very costly over long periods).All properties and markets will not loose significant value in the next down cycle (real estate is local and good locations will always perform well).Investors can add as much or more value to a property than the potential loss of value in a downturn.If we have capital that we have to put to work, prudent real estate can be the flight to safety.I don't like investing into a hot market but sitting on the sidelines for years is not a viable strategy...just have to be really careful.If you are a market appreciation only investor, ignore this post...that can require some market timing.Interested in everyone thoughts.

Do you plan to try these strategies here or another market and what made you decide on them as viable paths to income generation?

@Joshua GuenterTheres countless ways to generate leads... this can be social media, sphere, farming, postcards, door knocking, cold calling, open houses, the key is to learn and implement, you need to prepare to "test" for at least 6 months.

Hello Mian, Thank you very much for the CPA suggestion in Ellisville, MO - We were able to find his website and contact information there - we will definitely keep him in mind.

It is best to talk to attorney, as there are other factories involved in creating LLC, such as partnering with others, leaving the asset to future generations and many more.