Hey Ajul, that bonus depreciation is no longer at 100%. in addition to that, you need to qualify as REPS or be using the short term rental loophole to even be able to take advantage of that deprecation against your active income.

RE is nothing but getting out a spreadsheet and putting in all of your costs and all of your income.

Located in: Trenton, NJ  one thing to realize and talk to your accountant about is if you assume it - do you assume it based on his cost basis, which could be a lot lower than the property value and then when you do eventually sell it, you could be hit with a nice capital gains bill. 

Try a house-hacking calculator to guess rental income.

I'm new to real estate investing, and I'm seeking to learn and start investing for income generation and wealth building.

In Regards to the AFR, yes you are right there will be an IRS tax implication if the rate is below the AFR rate (which for non-federally subsidizes housing is 3.75%, I think) That's a nominal risk, and is offset by the income/cash-flow from the property.

All buildings close to the beach requires piling on the first floor then you can either add 2nd or 3rd floor depending on your business plan.You can reachout to real estate agents that are predominant in the area to provide you with short rentals income report.Let me know if you need any help or info about building ground up.

Plus the rental income - which while it typically starts out around 5-10% per year by year 10 you're seeing 30%+++ annual return on original basis. 

Establishing trust and open communication with a warning can sometimes spark a change within your tenant.If the problem continues despite your efforts to resolve it with a warning, it may be necessary to take legal action to avoid losing out on further rental income.

A PreApproval is there next tier, in that it also is reviewed by an underwriter for pre-approval of income, asset and credit documentation.