If you make a tenant pay you to replace an 11-year-old range, sooner or later, your tenant is going to tell another tenant who will know someone who knows something about depreciation and explain that you're trying to profit greatly from this situation (from a tax perspective).

I’m Eric, from KC, and I have a chance to rehab a home out here with a potential profit of $60k+.

Just like I've bought properties, sold them at a profit, and rolled those profits into a new building. 

Don't buy unless you have that exit strategy ready to go (unless you are confident you have a plan b like selling for a profit if all else fails). 

So should I start with fix and flips and just pay someone with part of the first loan to oversee the first project, and then use profits from there on out to pay someone until i leave my job?

My goal is to live-in one side, then after the two-three year period for FHA, move out and continue to generate cash flow.

Webster defines investing as "expending money with the expectation of achieving a profit".

My goal is to buy property every other year, utilizing the profits that I'm getting from this investment, along with tax returns, to purchase another property.  

Definitely WAY more work than a long term rental, and sometimes the things people do just baffle me, but it's also been significantly more profitable than a long term rental as well. 

The property is currently generating between $2500 - $2,800 monthly but we estimate the pro forma income to be $3500 once offices and RV spaces are leased.