However, I usually keep depreciation off the balance sheet until I can see the tax return and I go back and add it for the previous year.

I use them for 1040 prep, but that's it.Separately,  I have a Japanese CPA who helps with my J-taxes. 

Low property value and amount financed, escrows ( I don't consider as you have to pay tax and insurance anyhow), origination fees because of the low dollar amount

It will be almost impossible to lose the property and the cash flow will still be at least slightly tax advantaged because of depreciation.

PM me, I have a 1st NPL in SC I am selling off and may have others soonNo second, taxes current

Favorable Tenant/landlord laws, no income tax, low property tax, consistent job growth, tech coming in, etc. 

It will cost hundreds of K just to get it operational...Insurance, property taxes, plenty of carry costs

It's one thing to never fall in love with your properties...however, I do fall in love with the tax rate on some of my legacy properties purchased right after the GFC.

I agree with @Mario Dattilo and Roger D Jones.I think the only thing that I would draw emphasis on is what Mario said because unless it has a separate tax ID number it is not an apples-to-apples comparable.

I watched as cheap cash cars were bought with income tax every few years when they got too expensive to maintain.