Also, quite frankly, I don't really know what I want to do for a living and have been exploring some real estate related career paths (Loan Officer and Broker mainly but my eyes are WIDE open).

We did a very thorough inspecition of the property and it needs: New roof, AC, Insulation, Windows, minor electrical issues, new stairwell, main drain replacement and it of course has termites.

Hi,My property is in Atlanta. we have a water main meter(8in) and getting 9000$ permonth for 64units property.

So it's essentially a good-as-gold full expense for tax purposes, but it doesn't hurt you on your mortgage application.So make sure your CPA is aware of these things and is not afraid of the home office deduction.Also, if you have a large non-recurring expense this year, this is worth talking through with your lender.Someone like @Chris Mason could probably elaborate.

When you are buying a house for future rent purposes you have to evaluate morgage and other expenses versus potential rent.

Decided I might as well see what the bank says, this was the main thing holding me back previously, the thought that the banks would just dismiss me.

Their main products are a Jumbo product to 90% ltv with no MI, 12 or 24 months bank statements for income instead of tax returns and investor products that go down to a 640 middle credit score. 

@Brian HaleyIn the majority of states, property value is assessed for property tax purposes every five to seven years.

I won't be able to scale if that's the case, which would defeat the entire purpose of hiring out.  

It is situated in a B neighborhood on a cul de sac located about 1 mile away from a train station to NYC and half a mile to the main street.