@Jason BocekIf you plan to file your own return - You should look into reading the following form instructionsSchedule E - supplemental income and lossesForm 4562 - Depreciation & AmortizationForm 8582 - Passive Activity Loss LimitationsHowever, you may be better off find a professional who can prepare your returns correctly and provide you tax advice.Your rehab expenses may need to be capitalized if it was paid before the property was livable.You should be entitled to other expenses outside of interest, taxes, insurance(remember paying down loan balance is not a deduction).You should interview a couple accountants here on BP.

Prices may be a little high (but with so much competition I bet you can find a deal).  2.

He's very active on BiggerPockets and has been a fantastic agent and resource not only for myself, but countless others.

Hey Wayne,DM'd you - I'm actively calling off-market owners, focused on multifamily properties.

If you're looking for appreciation, there might be something there in O'Fallon, but I am not making appreciation bets - just looking for cash flow.Eric

He could have also attacked me or killed me, so looking back it wasn't the best idea.Any time illegal activity is involved it is best to post notices on the door and avoid confrontation.

I would love to know more about what you are looking for as I am actively looking in that market.

If the Prospective Buyers weren't interested in their house, maybe you can find them that suits their needs.There are alot of ideas for prospecting, especially on a budget, but you DO need to be willing to put in the time and work, be consistent, and focus on the right activities. 

@Carlos Casanueva- like @Andrew Johnson said, it basically comes down to if you want an active or passive role and fyi... you can go much bigger than 40-50 units my friend. 

Even though the property is very cheap, I dont foresee much appreciation and would bet on a high hassle factor.