@Craig Oram: Hi Craig, it's been a very active market but getting your hands on MF, etc is incredibly competitive and there aren't a ton just hanging around.

It could be a point or so different.Some A go between 4-5% some B is 5-6%But I bet that in LA  or SF done A could be in the 3%!!

It might be time to phase into a different strategy or a different activity within your strategy.Let's say for example in 2008 - 2012-ish it was all about wholesaling, flipping, seller financing SFH.

You won’t be able to find much online in reference to foreclosure activity.

(there are other conditions as well, you must actively participate, be at least a 10% owner, etc) If your deduction is not allowed, all is not lost.

Thank you, @Saberian YoungerSounds like good advice for someone starting out.I guess I'm specifically curious about how my wife and I together would file if we are both active in the business.

My CPA has instructed me that the auto expenses (at least the proportion used for rental activities), overhead such as office supplies, software, tax preparation, and other items which occur to operate the rental properties (AS A WHOLE) are expensable on Schedule E relative to the activity (e.g. based on number of units per property) by "cost accounting or cost allocation".

@Spencer StevensTravel expenses for rental properties are deductible, but there are caveats.Save all of your receipts and keep a log of the business activity that was done during the travel. 

@Michele G.While I recommend NKY properties to my clients there is a lot of activity there and deals are harder to come by due to the smaller footprint compared to just north of the border in Cincinnati.  

There are many promoters of TK properties (many of them active on BP) who do not live and work in those areas.