I've seen other investor friends find deals the old fashion way. 

That's actually an argument I hear from time-to-time, and on the surface...

The latter seems nearly impossible to process in any timely fashion. 

On the surface, the mortgage rate is higher, but when you figure that you're tax savings is to get a "net effective rate" that you're paying, it made more sense to pay off the car.

I would like to know the pros and cons of doing this as it appears to be beneficial from the surface but I do not want any adverse effects from tax perspectives.

That's just scratches the surface though...  

@Michael TempleTotally understand...I'm not suggesting that you work with someone who actively buys and sells for their own account; I have a hard time doing business with that group on behalf of my clients (actually I've never closed a deal with any of them because the truth always surfaces during due diligence; and that's why you do due diligence in the first place). 

Everyone else on your team will be transaction-based and not really involved after a purchase.We're in the Metro Detroit area, so you may want to follow our blog here on BP, but at least read the following posts:Follow our "Deep Dive" series we're doing about Metro Detroit cities and City of Detroit Neighborhoods: https://www.biggerpockets.com/...How to “Screen a PMC Better than a Tenant”: https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesIn our experience you will need to:1) Learn to "Maintain to the Neighborhood", not your personal standards2) Tenant-Proof everything you can Hard surface flooring, not carpeting (too easy to trash) Same basic paint for everything No garbage disposals for them to break Only spring-type doorstops also with plate on the wall Glue rubber mats under sinks to prevent water damage Sheet aluminum on walls around stovetops, for easy grease removal Towel racks - screw 1x3 to wall studs, then screw rack to that Install low-profile downspout ext, not aluminum that always disappear Plan on cleaning gutters and leaves up in the fall as tenants won't Avoid garage door openers3) Have a great application screening process: Check credit for evictions & convictions, utility collections Focus on employment/income stability Require bank or debit card statement - you'll be surprised what they spend their money on!

I feel as though I have only scratched the surface and at times it can be overwhelming how much I still have to learn.

Am going to see an attorney on Wednesday just to be sure I conduct this in a good fashion.