I plan on purchasing one or two turnkey properties first and then utilizing the BRRRR strategy on distressed multifamily properties once I gain more experience and I am able to take on more risks.

It's only on gain and its either 6% or 9% http://www.tax.ri.gov/regulations/other/nrw91-01.php

Chris MasonThanks guys for the insight!

Hello all,Firstly I would like to say thank you for all of the insight that I have consumed over the last few months while I considered taking the plunge into this incredible field.

While social media may be helpful in getting a little insight into who you may be renting to, I wouldn't cast judgement based on what I see.

You would be more credible as a resource if you offered some insight or expertise, even if it's negative.  

They will give you much more insight as to issue/potential issue of the property.

I'm looking to build relationships, network and gain as much understanding as possible to grow my business.

There are two things to consider with that:  1) if you decide to sell it, and have shown your house as partially rented on your taxes (which you should), then capital gains tax will come into play on the rented portion.  2) For your next purchase, unless you have a lease in place for the whole home, you will have a hard time purchasing a multi-family as your next live in flip.  

Thus this post.As a landlord, I will gain the ability to depreciate the property.