REITs are traded securities.

Not to mention I have at least 1 relative in each of those trades will to lend a hand, so the first few rehabs shouldn't be that bad. 

That's the trade off stubborn Sellers should expect if they make "sight unseen" condition of the purchase.  

There are averages that properties trade for in certain areas for the different types and classes of property but at the end of the day it's really what works for the buyer.

@Matthew EwaldFor a payment to be a deductible expense it has to be necessary, ordinary and reasonable in your trade or business.Tools for a rehaber/flipper is an ordinary, necessary and reasonable expense and therefore should be deductible.It also looks like it can be currently written off instead of depreciated.

Think E*Trade or Fidelity with different paperwork.

I'm a software engineer by trade, and I'm enjoying the academic approach to analysis that this book brings.

The construction trades are hard on the body, so I am very interested in rental property investments as a way to transition out.I am looking forward to reading and learning as much as I can from everyone here.

You should have the intent to hold the replacement property for rental use, appreciation, or use in a trade or business.

Here is a link to a section of the IRS website that should help with your question. https://www.irs.gov/faqs/sale-or-trade-of-business-depreciation-rentals/rental-expenses/rental-expensesEssentially only interest, mortgage points, and real estate taxes can be taken as a deduction in the year you purchase the rental property (provided the rental is placed in service).