Also fair amount of debt (2 car notes, Heloc used to remodel primary house). 

If so, would this allow me to deduct rental expenses below the amount of your rental income?

I am planning on doing floors, bathrooms, new AC, and other things so most of the house is getting fixed up.

Or do most investors getting into new construction start with some type of fix-and-flip background? 

What dollar amount are you looking at? 

Learning about money help and fixing up is key, more so with family needs.

(because the amount I rent is higher than my rent and I will make a profit.

Not sure how you can know for certain someone will always be willing to pay the exact amount as your own valuation or any appraisal for that matter. 

Which most of them have been fixed up by now to not have problems, but you know stuff will come up.

Considering we haven't locked down a market yet (debating between Shenandoah or Blue Ridge) would it make more sense to put a set amount in an account for the down payment or bring them a deal first?