Save up, pay cash, get reliable but a good value...the best rule of thumb to live buy is put as little of your money into things that go down in value as you can...which is basically everything EXCEPT Real Estate....and maybe stocks...but basically you are only authorized to buy real estate from now on haha..I am half kidding...half.Pay off the debt, cut the expenses, save money like a crazy person and keep doing what you are doing...Live in flips are one of my favorites....even better, live in flip plus AirBNB for part of the year in a hot market airbnb market

Therefore, you can deduct items that are directly related(repairs) to the rental units plus items paid indirectly for the rental units(think real estate taxes, interest, insurance).in addition - it looks like you are looking to use parts of the personal residence as a home office.Just note that, it would be hard to prove that you use 100% of the personal residence as a home office. 

Additionally the holes required to run any cable will also need t be repaired.

In addition to your note, with specific payment terms, you need an executed and recorded 2nd mtg/deed of trust.

I received my first check this month and felt like a kid in a candy store!

In terms of rehab I'm looking to invest an additional $10,000 to make improvements, update, and clean up the house to add value.

I wanted a turn key for my 1st realy investment because I own my own business and have three kids so time is very valuable to me.

In addition, they will not allow you to use the income from the departing property if its within 100 miles which I suspect is what Brian was alluding to. 

Here are some reasons why: Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)

Often landlords are looking for additional rentals.Call on ForRent.com for more landlords.Good luck to you!