I just had a cost seg performed for my 2017 tax return and the cost relative to the tax benefit was inconsequential. 

@Bjorn Ahlblad I've run numbers on several multi family residences. none of them had a ConC return above 7%.

By my calculations I'll make that cash back in a couple of years , and if as I suspect things go south in the interim I intend to take out a HELOC , it will cost me 50 -75 bucks a year plus closing costs, in return I will have the same $200K  that I spent at my fingertips .

@Arlan Potter on your multi unit purchase did the bank look at your personal tax return?

There are certainly some complexities such as exposure to taxable UDFI (unrelated debt-financed income) on the leveraged returns. 

However, as you can see from the calculator, a 6% cash on cash ROI for that much money invested is not exactly stellar returns. 

Best part is they don't require W2s or tax returns... which for full time real estate investors is a huge plus.

Without even asking for something in return, they may take care of you.

But when applying for a new loan, I have to provide tax returns and everything is reflected there on Sch E.I think you would have to call around to lenders and see what impact, if any, it would be for getting a personal home mortgage loan.

In a lot of Europe, however, buying property that you don't live in is really just a place for very wealthy people to park money because you don't make the kind of returns that you can make in the US.