Specifically regarding the Cleveland market which several people have been discussing take a look at The Ultimate Guide to Grading Cleveland Neighborhoods.

Exception: if it is a type of improvement that can be segregated and can qualify to be depreciated over a shorter asset life category, then you can depreciate it over that shorter life.2) No depreciable life is fixed by whatever category of asset you ultimately utilize.3) No the 27.5 life category is a straight line calculation.

You "saved $500" in taxes, but you still paid a bank $5K in interest for a NET LOSS of $4,500 dollars.The deduction makes sense if you need the mortgage anyway, it doesn't make any sense to get a mortgage as a tax liability "protection" strategy.I was at he bank one time and their "premier client advisor" was trying to convince me that I should be buy a bigger house to "save on taxes" and I just had to laugh. 

I have $30,000 to put down (a lot of sacrifice and saving only making $48,000 a year).

I currently live in New Hampshire, and have one cash-flow positive duplex- which I scrimped and saved years for while building credit.

Save money and feel better.

I'm a local business owner here and always have been interested in commercial real estate (shopping/strip center or individual shops) I'm in the automotive industry so my ultimate goal would be to buy and rent warehouses/auto shops. 

I would also add real estate and bonds to the list as well.I think we are in a deflationary environment (i.e. too much debt and excessively low interest rates) and expect the value of most asset classes to fall over the coming few years.Like you, I'm saving my cash and hoping to buy my first rental property when prices come back down.Best of luck with your investments!

Others have said that emergency money is available - I'd save your legal fees and look into actually getting paid. 

The other ~300 records we will use yellowletters.com to save time.