…They simply have to buy as much or more than they sell for (after closing costs) and reinvest all “cash” they receive. 

You don't want to be starting this process over on August 1.Second, the New Mexico court will award you monetary damages for your unpaid rents, court costs, etc.

You could even take the BRRRR approach by finding a place to do some rehab, live in there for a year, and then pull out equity for your next investment. 

You can "generate" it if you purchase, either yourself or with others (e.g. syndication), a large property and do a cost segregation. 

My costs will be minimal.

We are now seeking advice on how to protect our assets while owning the properties in our own names, without incurring excessive costs that could lead to negative cash flow.We are open to exploring creative solutions that strike a balance between asset protection and financial stability.

Also, stop trying to charge tenants for the costs to maintain your own property.

Purchase price is below $30K, renovations cost based on one contractor bid is $350-500K.- Best way to estimate the ARV.  

Hello,Does anyone know if you can take a tax deduction for closing costs on the purchase of a rental property? 

There is no cost to you to do this.