I was looking to flip a few properties first in order to build up a little stack of reserves before starting to purchase for rentals.

How much do you want to stay in the bank when you purchase (consider you will need 15k still in there for reserves on any purchase)?

A hard money loan with 10-15% down may also allow you to keep the Atlanta property, if you have the reserves to do it.

It's the nature of investing in real estate. 

The fact of the matter is you mitigate that risk by doing what the folks above already told you....you bring money to the table and you have money in reserves if things go bad. 

I'm conservative in nature, but am looking for the push to jump in at some point.

Any amount over your adjusted basis in the property (initial cost minus depreciation) could be subject to capital gains tax unless you reinvest it strategically.2. 1033 Exchange (Involuntary Conversion): A 1033 exchange (involuntary conversion) is specifically designed for situations like fire, natural disasters, or eminent domain.

After reading this thread, a few comments come to mind over this common A or B decision.Without knowing how much it is (no need to say) makes my advice (or more accurately, my opinion) more general in nature but here it goes:Lending has very little to no tax shelters whereas buy and hold does.

When you don't have money for a downpayment, you should not be trying to buy a home because no matter how you do it, you will be overleveraged and have no reserves for repairs, etc.

This is a new underwriting guideline of the insurance companies because they haven’t been profitable and must raise the rates and lower the risk factors in order to comply with state regulations on adequate reserves and future solvency.