Ross Ellington , if the sum of your mortgage interest, any points, and property taxes exceed $6,300 for single filer or $12,600 married filing joint or $9,300 for head of household THEN you would elect to itemize your deductions and lower your taxable income by the sum of interest, points and tax.

Having an additional 10%-15% of your rehab budget for cost over runs is always a safe bet, and then there is the monthly carrying costs.  

Currently own 3 rentals in South Boston (2 single Families and 1 Condo) and also own a two family in the Adams Corner Area of Dorchester. 

Cash flow can be inconsistent for one single residential property.  

Michael,I am planning to buy/hold.I only own one property my primary residence which is just a single family home.The value of my primary residence is 80k.Thanks for the response!

My crystal ball sees you in a single family home in a nice town in Westchester somewhere.

You see, over the past year I have invested in 3 very modest but positive cash flowing single family homes in 3 different states.

LENDERS won't count your 1st property's mortgage against your income if you have a signed written lease and 6 months verified tenant paid rents.DON'T BUY YOUR dream home now, buy the most rent-able  property: a minimum.                    3 BR 2 BA SINGLE FAMILY HOME ,  bigger if you can afford and a garage is a huge plus.

I'm looking at getting either a single family or up to a 4 unit.

I bet if you focused 100% of your efforts in Lauderhill FL, you would be able to get a few under contract.