If tax depreciation is high, the losses are non-passive, you're in a high income tax bracket and cash flow is only nominally negative, it's possible. 

The appreciation only came after 3-5 years of ownership, everything I sold as a flip or short term hold had nominal returns after all of the buyer concessions in that market.

Tack on nominal appreciation and debt pay down and you might feel a little bit better?

These are usually people who can only afford a very nominal payment each month, which makes NWI a good move for some families. 

If you are unsure how to do that you can get the attorney to draft it for you for a nominal fee.

The nominal GDP growth is estimated at ~4.3% for 2019, and the area is on target to meet that.- Currently rents for $2300 (POU), $1400 for the main apartment, $900 for the basement- Running my numbers I'm allowing a 5% vacancy rate, 10% to go to property management, $3100 annually for property taxes, $3000 annually for repairs, $1000 for home insurance, and 3% increases for property value and rents per year. - I don't think I will need a property manager, so that would boost cashflow typically by $230 a month.

@Anne Williams  online auction sites are another source to find a property, but read the fine print. many of the online sites have fees that range from nominal to hefty these can kill a deal when you factor in rehab costs and taxes.

- Sometimes they know you've IDed their property, sellers (and their brokers) get a lot less flexible on stuff since they know you're stuck in 1 of 3 properties and getting out of a nominated property may not be an option.Why say?

The plus side is that your $/sft is typically the highest compared to other units while the nominal rent is cheaper than most 1 bed units.The downside is that turnover can be higher as studio residents tend to be a bit more transient adding some additional turn expenses. 

I generally say to figure nominally $2k per year.Some brokerages will expect that you take shifts at the desk and usually have to show up for meetings and training sessions.