@Michael Baum @Carolyn Fuller Thanks for sharing the information.

Purchase price: $38,000 Cash invested: $48,000 Single family, Home in an older established neighborhood needing complete updating.

Purchase price: $505,000 Cash invested: $55,000 Sold our first condo and used the equity as down payment and for a couple upgrades on this this single family primary residence / house hack.

I have never purchased a property in LC that does not cash flow. 

This was great information.

Purchase price: $36,000 Cash invested: $50,000 Sale price: $275,000 Bought a house, fully intending on living there.

It was a sales contract with, after 9 legal pages of irrelevant information, had a couple sentences added about her commission.I rejected the document, and asked her to provide me with a Property Management Agreement.She then sent me a "Confirmation of Agency Status" one page contract.

Hi there;  one way that has worked for me is to create an account with my bank ie: If I purchased a 4 unit at 1014 Lincoln- I then would open a bank account called Trust 1014.  

I am aware of the other depreciation such as the sold unit itself and any other depreciable assets.I used the flooring as an example to keep it simple as providing too much information for a simple question tends to get too far off the answer. ;-)

Purchase price: $750,000 Currently operating as a 9 unit mobile home park with single family home