@Marcus WelsonTalk to your cpa but I am 99% sure you cannot write off that debt - as even though it’s assigned to you - you did not pay for itFor example I cannot buy a $500,000 mortgage that was lost to a tax lien for $10 and then write off $499,990 otherwise I know a lot of people who wouldn’t pay any taxesI could write off the $10 which is what I paid for it

It's really very simple math - buy it low, rehab it appropriately to gain a higher value (ARV). 

I don't know if I need a partner, investor, or just more patience... which is why I have joined BiggerPockets and begun to look into the wealth of information!

Definitely see what is common for the area, but for me personally, when I buy, I like to look at all possible exit strategies. 

Build a portfolio, get tax write offs, learn to buy "off market" and find great deals?

The information contained in this post is not to be relied upon. 

@Conrado BalicustoMy thoughts for you…Long term holds are much less labor intensive than short term rentals.Cheaper C class rentals will let your investment funds to go further than buying A class properties.  

I was interested in buying rental units, with the hopes of maybe passing on to my kids. 

I use it, though I hate it, but I avoid problems by setting criteria such as how much in advance a party has to book, minimum number of nights, requiring either a large deposit or purchase of insurance, house rules & photo id requirements prior to arrival, withholding check-in information until just before arrival and sending it to a verified cell phone number.

I'm assuming you are talking about renting out the rooms in a SFH vs buying and living in a small multi-family.