The best advice I could give you, is, no matter what the situation, try to use your time at your full time job to your advantage.

@Travis H. whether the procrastination is due to fear or indolence (or overthinking, or thinking you're too busy, being broke, or whatever,) none of that matters. 

@Brian Gibbons  great message I love how everyone express themselves on staying motivated..When the heat is on just keep pumping no matter what 

I intend to do more research on the matter with all your suggestions and advice in mind.Thanks again!!!

SO, what matters more than what expenses you claim on your taxes is the amount of rent you receive on the property and the amount of your payments on the loan. 

Sure we can give your our coin(s) on the matter but its best to make the final decision after securing professional input of all of the pros and cons for various types of entity structuring and the likes of in whichever State(as laws and costs vary by State)and so forth....Kudos,Mary 

I don't know it just doesn't work for me taking out mortgages no matter how good the deal is even if it is so called 'good' debt. 

I am in a community property state if that matters.  

Of course, that would simply be a matter of taste. 

I am kind of hesitant about a hard money loan because I plan on doing the work myself and I already work a full time job so this wouldn't be a quick flip in 30 days like you see on TV. but would be done in a matter of months.