I'm 28 & Married with 3 kids.

This sounds like it would get dicey with the two of you married and already occupying another primary residence for tax purposes but I'm sure someone else will be along to clarify that.  

Value added to a multi-family through rent increases, cap ex, better management, etc. nets value add immediately (versus SFH which follow the neighborhood appreciation rates).I would like to build an income portfolio over the next 10 years at which point I'll retire and live on the income.I'm not married to the idea of multi-family, so any advice on where to seek higher cash-on-cash rtns is appreciated.Danielle

The property management company of course doesn't care if we're married or not, to them it's no different than a roommate agreement and they made this clear when we signed the lease.Their guidelines when moving in is gross income of 2.5 times the rent.

If you're married filing jointly you have to have about $200K of TAXABLE INCOME in order to get up to 24.3%.But enough preaching from reverend Frank.

:roll: That's a whole other thread on how to buy a house with someone you aren't married to!!!

Not sure what you mean by "high", but if your AGI is over $150K (including your spouse, if you're married) you cannot use the passive losses generated by a rental property to offset other income.

Let me give you a little back ground first.I'm 19, a cashier at walmart, moved out on my own a few months ago, I'm getting married in the summer of 2010, and I have virtually no cash saved up (though I am working on it).I am not cut out for the normal work force, my dreams are too big and I know there's too much opportunity to sit (or stand) around all day working to make someone else alot of money while I make minimum wage.

You will live in the house for 3-5 years, get married/buy another home, and you get to rent out both units.

you should be able to deduct the losses w/ut being a professional unless you make above a certain amount ($125k for married's).and, yes, any not deducted this year can be carried forward to the next year.I am not an expert but you should really consider using a CPA experienced in real estate since it appears you do not understand how certain tax laws operate. it'd be worth the $ spent.