You need to pass "material participation" test and personal use test, but that's for your future tax professional to explain.Yes, bonus depreciation is possible, but only on the current value of the personal property and land improvements.

The investor rep said that the first 18 months I should be expecting some repairs as they come up. 

Communicate clearly with potential tenants about the terms and expectations.

You would need to have a cost segragation study done to "unlock" the depreciation available on the property (usually 15-30% of the purchase price is a good range to expect).

Hi Zak-Great question.It sounds like your credit union is offering you a Home Equity Line of Credit as they do not expect principal payments and your primary bank is offering you a Home Equity Loan.Personally, I don't like having to pay on an equity loan unless I use some of it and only pay on the part I use.Although, this is a personal decision for you.If you make investments that provide enough cashflow to pay the principal and interest to your primary bank on the equity loan it doesn't really matter to you as others are paying it.Another consideration is the amount of dry powder available to invest.

You can definitely do higher end flips in Detroit but I wouldn't recommend starting there.Buying something for $50k-$60k (off-market), putting $20k-$30k into it and then selling for $100k-$110k is a more realistic expectation.

If you buy a skinny deal , do not expect anyone to make less so you can make a profit . 

My financial objective is Teak production and sales to India/China/Europe and also procuring physical locations that won't be for sale in the future.

I always knew these numbers existed (and have reaped the benefits on my first property) but never put pen to paper for future analysis's. 

I always tell my clients not to expect to make any money the first 3 deals you do.