Example, we had an application that looked good, except for one detail.

@Dave Foster or @Bill Exeter can give more specific details.

If you bought a rental then pretty much everything you spend either adds to your basis (everything you spend making it rent ready, capital items after its ready) or is immediately deductible (expense items after its ready.) 

@Chris Connery , What you are referring is the special allocation (rather than the allocation based on the partnership interest) of the partnership items.

This gets a little more complicated, feel free to contact me offline about more details.

That said, here are some details of my first deal:Location: Toledo OHType: Duplex (2/1 @ 2)Purchase Price: $49,000Appraised Value: $62,000Current Gross Rent: $1065Market Rent: $1,2501% Rule: 2.17%COC: 17.37%Financed w/ 25% DownThis is a long-term buy and hold.

If you want to PM me I can share details on my own experience and also put you in contact with a few people that do alternate types of investing for out of state folks such as yourself In the end...I would take the time and money back and invest it in networking and building my own team.

Some items on your Schedule E will be added back, like mortgage interest, to determine the rental income...you will want to ask some banks what numbers they add back, and that can help you project what amount of income you will have from your rentals for consideration of the loan.

I have over 100 clients in a particular program.I'll send you a PM with the details.

From my experience: when I purchase in bulk I always want a deep discount, however if I’m buying one item I understand that the margins are not high enough for a deep discount.