@Collin Hays I completely agree with your theme of building a local banking relationship, which should help someone build their real estate portfolio, but I have a couple of questions.When I read "conforming" and "non-conforming" loans, I think of the loans being underwritten as consumer mortgages.

Apparently, not only did they sell at a loss, I didn't get any money back at all and they claim I owe them an additional $40,000 for "renovations" despite no work being done to the building at all. 

@Thea Chard Rentvine has no mixed-use building type. 

That is a great nest egg to build upon, and it diversifies your wealth.

After years of focusing on my career and building financial stability, I’m ready to dive into real estate investing and start creating passive income and long-term wealth.My short-term goal is to purchase my first duplex or single family rental. 

I refinanced a different building and bought another building with the proceeds.

The location is in a booming area of McAllen, Tx with almost nowhere else to build and rents have blown up the last few years.  

Just want to mention that sometimes it works out better to raze an existing property down to like 2 studs and rebuild around it so that it still is classified as a remodel versus a complete new build. 

@Aaron Washington wind insurance is a must unless you have master insurance in place that covers your building.

Additionally, the study must be completed by “qualified individuals” and “professional firms” that are competent in construction, design, auditing and estimation procedures for building construction.So while a specific methodology isn’t required by the IRS, taxpayers must ensure that their depreciation deductions and classifications of property are substantiated with supporting evidence.