Say you bought it for $200,000 and sold it for $250,000 and they put $50,000 down.Your basis is now $150,000 and the principal payments that come in from the borrower will continue to lower your basis and the interest payment is taxed at ordinary income rates.

The Sheriff will handle it here, and they don't put up with any BS in my experience.

Like many, money is an issue but I think I can put away 10-20K in the next ~2 years.Recommendations?

I would not put my 35K at risk just get.   

It also depends on how much equity you are putting into the building from the start.

This vehicle puts you in the driver's seat, allowing you to explore the vast horizons beyond stocks and bonds.

We then consolidate the many options and select the best five or ten options and put them on a spreadsheet.

I'd talk to him and tell him that as soon as a property comes up, you need to be able to put an offer in. 

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

Here is a matrix we put together for Chicago, but renovation is SO variable...