Is this less than the most ideal way to enter into home ownership?

That money is gone forever.When you factor in that the current market is very fragile; that a recession is looming; and that an avalanche of foreclosures is pending; then holding a bad property is VERY RISKY.

Ideally, it would provide QucikBooks-type reports and info for tax purposes, as well as track investments and expenditures in other investments.

100% investment property loans are still out there ( I just got one last month and several lenders were offering it), but the terms aren't the gretatest, probably not ideal for a long term holding situation.

Now when the market is hot, I think it will work well, but when the market slows down (and it will and is in many areas) then you are stuck in a very precarious position.Also, you don't pay tax on that $6,000 in cash flow when you factor in depreciation.

So Mike would you say that plugging in whatever numbers that come out too approximately 50% percent for the expenses into a property analyzer program (assuming all other factors remaining the same) would that give you a reasonably accurate number of your realistic cash flow on a property?

I am looking for a home of my own and at the time the idea of using a lease option for myself also seem ideal, especially on a duplex I would like for myself.

Maybe you won't find your ideal deal until you see property #78.

If you're investing in real estate, either actively or passively, his goal is to cut your taxes in half (ideally to 0) within 3 years. 

To achieve this we are looking at long term buy and hold properties that cash flow at least $150/month ideally $250/month. 25 properties at $150/month doesn't achieve our financial freedom goal but once the debt service is paid in full and after the 50% rule we should be in good shape.