I just wanted to add that if your spouse qualified as a real estate professional, then you potentially could take the write off :) Its worth something exploring! 

I know there is no certain outcome on the markets for this question, but I I want some of your thoughts on what is to happen and if it is worth it.My finance and I are pre approved and ready to rock if the time and home is right.Jaime R.

Remember - it's about limiting your liability.

Actual lives don't work that way.Its up to you if you think its worth trying to raise rents. 

That will provide you with confidence knowing there are no taxes owned or unpaid liens.I have worked with Lucia Rushton in DFW multiple times who can great agent and it is well worth using her to avoid painful mistakes! 

If you're going to be stretching financially and don't have the reserves for surprises down the line - it's not worth the risk just to begin building equity.  

Roof on one of our SFH was $7800 this year. 7800/20yr/12mo = $32 per monthTo keep it real you have to look at rent increases that average 3-5% per year so your cash flow changes over time.To compare this fairly you have to remember that many multi-family have an HVAC unit per apartment so you don't get to escape that expense.

Assessing the financial viability of the project with available sources of fundingI ran this analysis  by comparing my net worth before and after the project was complete, with estimated values is whether my net worth increased when I move the dollars in my bank account into the property.

At a minimum, (imo) this would require disclosure that the “wholesaler” believes the property is worth more than he is paying the seller and hopes to make a quick profit, and (usually) that if he can’t sell for a profit then he won’t consummate the transaction.  

Since I only have one property, I'm not sure if it's worth it at this point.