Ok Stephen heres the deal i have to do the repairs and the payments are 1500 a month right now there are 2 apartment rented the first floor has to be done over complete to make it an apartment the two rents equal the 1500 the new apartment would bring in 1300 a month taxes are 5500 water an sewer are 1050 ins 2400 snow removal 500a year put  away 500a ayear for repairs the 1500 goes towards the principle theres no interest and the balloon payment in 5 years

@Kay Ferdous I have completed 2 of 6 BRRRR's in 1.5 years.  

Can the dependent so lay claim to it?

At this point, I would use all rent payments to pay down the loan balances of the 10 homes (1 house at a time) with the goal of having all the homes completely paid off by year 20.  

They claim a historical 6-10% ROI range but I've been over that the entire time.

To minimize costs, my partner and I would manage the property ourselves, and look to refinance in several years to take complete ownership of the property or invest in new properties.

Are you talking about buying in Redlands, or nearby, or somewhere completely separate? 

I am a complete newbie but am really wanting to learn all I can and hopefully own some rental properties by this time next year.

BUT wont have the funds until after closing is complete.

I am a complete newbie when it comes to real estate investing.