-There is a method of accelerating depreciation, through an engineer based study, called cost segregation.

Now if you have degree in Engineering or Accounting that can get you a $50K-60K job that's one thing, but what does degree in Psychology and Marketing get you...

I have a few friends who focus on condos and even as good as they are, they can still get burned and lose $50K in value if the condo board makes one stupid decision.My advice, avoid a condo as your first unless you're flipping it quickly and moving on. 

Then I got a solid lead on a burned out house a couple of blocks over...looked at another potential deal on MLS yesterday and had another investor offer a lead to me on another property I could wholesale.

@Dina MorganIf you decide to get a website for yourself, it's important to know that ranking a website in the search engines takes time and perseverance.  

2 Family Property in NJUnit 1 has 2 bedsUnit 2 has 1 bedC+ area - good rental areaI am not an engineer but the house is in pretty good condition, cosmetic clean up of about 15-20KAsking: 140KOffer: 125KConventional Mortgage with 25% downRents: $1,300 and 1,000, respectivelyTaxes: 6,512Ins. 1,000Water: ?

This was something of a nightmare, and lead to me sleeping on a cot, wearing shoes indoors and basically burning candles 24/7 for the first month.

I quit my nice cushy engineering job a few months ago and decided to start building new solar homes.

@Nathan Peatrowsky thanks - I know that's how most people do it, but that burned me in the past so I'm sticking with cash deals. 

Luckily I'm in no rush, but I don't want to see my money dwindle away to inflation or burning a hole in the wife's pocket. ;)