Depreciation: For investment properties, you can depreciate the property over a set period, reducing your taxable income.5. 1031 Exchanges: This allows you to defer capital gains tax by reinvesting the proceeds from a sale into a similar property.Feel free to ask any questions or share your own experiences!

WIth your experience, you could even target 3-4 unit properties at that time.Regarding "legally living in", you would have to change your address and actually live their as your primary address, but you could temp stay where you live now when you have your kids.

Location: Springfield OhioIf you have no knowledge or experience, I recommend you hire an attorney.

So far, I’ve been learning via reading and listening to podcasts daily for the past few months along with saving majority of my income from work to go towards my first future down payment. 

Thank you @John Mason.Do you have personal experience with this firm or some you know is good and reliable ?

Here's the link --> "Justice for Renters Act" Happy to share my experiences.

Anyone who got into the RE game after 2010 really hasn't been in the business long enough to experience a down cycle.  

Many flipped homes are bought by 1st time homebuyers that have no experience with construction.

Just make sure they specialize in tax and have significant experience dealing with real estate investors.Here is a great list of questions to ask a potential accountant: http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpaAlso check out the www.NAEA.org page in your search.

:) Happy to help, I have extensive experience there.