You can essentially "Save" rent you would pay anywhere else, and instead get money (in form of principal repayment) from the tenant. few other thing you need to consider though is vacancy rate, property tax, capital expenditures, and if you would need to use property management firms (unless you have the time to find new tenants, deal with their complaints, etc.). 

However there are rules as to what is an expense and what is capital improvement and what must be depreciated vs expensed on your taxes.

6) I would add in CAPEX (capital expenditures).

Our PM company recently mentioned that they had just found this amazing software that allowed them to do national criminal and eviction searches.... transunion smart move!

The 203k loan is a great option if you have a property needing rehab work and you need the capital.

To my point, there have been some recent satirical threads that have capitalized on seemingly ridiculous posts (which I have thoroughly enjoyed as well).

In the world of the 1031 exchange, there is a saying of "swap til you drop" - meaning that a property acquired in a 1031 exchange should only be sold as part of another exchange for the remainder of your life so that the capital gains due never occurs.

I will give you some examples of what I have negotiated on current holdings and also am in discussions with a much larger project that includes a national lender.Local community bank refinanced December and then again in June both 7 year fixed money. 

No debt is used.The LLC is capitalized by all IRAs at the same time and not further LLC units are purchased by any of the IRAs once funded.

I am still working on developing the specific steps I plan to take but I mostly interested in starting with the BRRRR method to blend both immediate capital building with my long term plan.Looking forward to the journey!