If you took more depreciation than you were supposed to, the 25% tax rate only applies to the straight-line depreciation you should have taken, while the excess depreciation will be taxed the same as your other ordinary income without regard to the 25% rate cap.Any capital gain due to appreciation will be taxed at the long term capital gains tax rate applicable to your tax bracket.  

So, let me just get straight to the point.

Some are straight BRRRRs where they are rehabbed, then rented, then re-financed to cash out for the next property.  

Straight to the pointI purchased a foreclusure for approx 24k, it didn't need much work, maybe 2k.  

You can do a lot of the market for free, just do lots of leg work to get started (get business cards and maybe a printer - $100 all in should set you straight plus gas money).  

As long as its properly serviced and local and federal laws are followed, and as long as he is not related to you in your vertical ancestry, this is a pretty straight forward deal. 

I would just ask straight out "If hard money loans aren't on my credit, does the FHA lender have any way to see them?"

You can go straight into rehabbing and buy and hold but as a new investor I would make sure that I parternered with someone who is successful in the business.

Also, I don't want to throw 15k straight into the house before I can even live in it, we have that money but it would drain me almost completely after the down payment.Has anyone figured out a way to finance a septic system back into the mortgage some how?

That part seems straight forward.