As others have said, it is tough to find true deals right now, but they do exist.

Interest rate is at 4.75% and the mortgage payment is slightly less than the market rent in that area.

While they are paying the mortgage, continue to save for your next deal to move into bigger deals. 

Are mortgage points paid on a rental property deductible the year the property was purchased, or do they have to be depreciated over the life of the loan?

I do deals with guys from Austin Texas, dallas taxes, florida, New York, California because they are capital markets and we are one of the cheapest states not just for existing inventory but new construction as well. just my two cents. if you like the market here don't listen to other investors or agents get closer to the deal centers.

@Jimmy C. there are tons of banks that will finance it, reach out to Pierce at Security Mortgage Group

When there are no events, the venue has been booked for short-term rentals.Business has no debt, and is turn-key (advertising is creating a healthy pipeline, there are existing employees, and will come with all the inventory and FFE&V). 

. $2,500-$2,700 in rent but have a $1,900 mortgage (including current property taxes) plus $100 for insurance, plus a 10% chance of no one renting and another 10% set aside for repairs.After all that I'm in a range of breaking even or making $200 a month with this as a rental.

I was able to use the rental income to pay off the mortgage on the property and generate a steady stream of passive income each month.

It's a fantastic strategy to pay down debt.Assemble a team of professionals, including a real estate agent, mortgage broker, and possibly a property manager.