@Elena Mafla you must use all proceeds unless your CPA knows something I don't know.

4 - If the answer to #3 is yes, during that 20 year period, what extra costs are added to the total based on repairs, etc...that also must be caught up before you break eve...and start to actually make money?

Love visiting Waikiki, Hawaii.

The best way to approach it is to start with the requirements to fully defer all tax - you must purchase at least as much as your net sale and use all of the proceeds. 

I suggest going to your local Atlanta REIA group  and visit their site if you haven't done so already.

most of my note investors came from the landlord game and tired of it.. .and many own rentals learn of notes and use their spare cash to start stacking up notes.. this gives them nice cash flow that comes in if rent is missed one month but no headaches of landlording.. although must pick notes carefully of course.. so that's an option if you have cash you can do short term lending for when you perceive it may be a buyers market again for rentals..but frankly many that I have had over the years and I have been doing notes since the middle 80s  they never look back.. when they get enough cash they buy another... also no recapture to worry about.. but no tax write-offs either. 

YOU must fix all the items that they have broken before the inspection otherwise YOU are in violation of the lease and it will not be renewed.I try to have a little nicer house or apartment than others in the area.

You must provide a 24 hr notice to inspect.

I've done some reading watched some videos,but as you may know you must have some experience

I know I must seem like I'm moving too fast for my age but I don't want to be a person who goes to college, gets a degree, graduates, and then goes, "Well, now what?"