Not sure what you mean here....land is a non-depreciable asset that usually generates a 1231 gain when sold if used in a trade or business. 

There are however, many mush better neighborhoods in both of these markets and I strongly recommend sticking to better asset classes.

Once you get down in the single digits, the numbers might not work... you'll have to check.If you can get past the hard part about HOW you can afford it, then the next step is to get a contractor (or 2 or 3) in there to get you a quote on rehab.

You will find this to be one of the most, if not THE most, valuable assets in your real estate journey.

@Nik Moushon In addition to tax strategies I would also consider asset protection as your journey forth with rental properties. 

I have the same problem, well I bought the digital download of it and forms too, but lost access to the forms.

If you choose to buy during this frenzy you will likely overpay for the asset and as vacancies increase you run the risk of entering negative territory.The only exception to this is affordable housing.

It can serve as an emergency fund and allow you to be more aggressive with your other cash savings and assets.

The tax may be on the asset you purchased with the borrowed money and not necessarily on the property refinanced. 

They don't need to be in the state of the asset but do need to be licensed in that state.