This way you can generate revenue monthly to pay bills and live while working on the project.

Hope it helps.http://www.biggerpockets.com/blogs/3103/blog_posts/39826-my-guide-to-building-an-online-lead-generating-website

I've written a couple of blog posts, but it may be better to use the forums as well to generate some active discussion. 

The only scenario I could see schedule A is if you held onto the house as an asset and portfolio investment and didn't intend on it generating any rental income-- it sat idle for example, no renters, waiting for a quick flip, etc.Those are my thoughts you might find some other advice or direction on this board from those practicing CPA's that have direct experience.

You can generate income, learn from the experience, and get a solid start building your portfolio.Regarding rents and demand, I would talk with a property manager with rentals in the area.

Over the years I have been amazed at the responses I have received to this question.Once you know the type, configuration, location and rent range of recommended properties, your next step is to determine whether you can afford to buy such a property and whether a typical property generates a positive cash flow.

Some of that will depend on how targeted your lead generating is, but that's still the numbers I use to set people's expectations.I don't know your budget, but if you want to talk to people, you can set up a website on Investor carrot for $30/mo and do an adwords campaign for about $1-2/click targeted right and you'll get calls and leads off of it. 

We were recently asked at a local REIA how much we spend on our marketing budget to generate seller leads due to the fact we are able to bring in so many off-market deals each week.  

Some have been in business for decades with second generation owners, some are newer with only a few years in the business.Without fail, the vast majority of my calls (70% plus) go straight to a voice message/voice mail system.

This property is a rental that can generate about $150-$200 cash.