We bought it 8 years ago for $150k, and it has appreciated extremely well.With the way that mortgage rates are currently falling, we began the process of doing a cash out refi to pull $150k out of the property to be used for other investments. 

I don’t think we will see the same thing as 2008, but the longer this lingers prices will definitely start to fall.  

Meaning, dont bother telling me, show me with money and legal contracts.Please Andre, before you come back with something like 'I had every intent to buy it'  or something similar to that, pause and consider that no one, including you, knows what will actually happen until money and contracts exchange hands -- and even then deals fall apart. 

Rates are falling, though.You look to be planning to use a low-down payment loan.

However, repairs can only be deducted if you have the place rented out, else has to be depreciated.None the less, replacing the roof, new carpeting, kitchen cabinets to do over the place falls under depreciation rather than repair.My experience had been to componentize the depreciation rather than clump them all together when I did the first rehab.

Im prolly gonna wait to pick up another property late this summer or next fall.  

The schools looked pretty good but like I said previously the property sat vacant when it was listed last fall from what I can tell. 

Just to clarify, the PMI on an FHA disappears if you refinance into a different product, but it won't naturally fall off upon hitting 80% LTV which is how it used to operate.

Also God forbid a kid falls into one.

As a landlord you could get sued for dog bites and slip and falls, which are fairly common.