@NhiQuann Jones from my limited knowledge, if you have a property that is paid for in all cash, say $50k... and you put in $30k of renovations... and that property appraises for $100k... you own a $100k property outright.  

Also what are some local microeconomic indicators you use to study areas you're considering buying?

I want to avoid personal guarantees and limit my cash outlay as MUCH as possible.

It really depends on how much equity you have in your primary residence.You could also use the HELOC for down payment and cash reserves for any rehab or maintenance needed.Then once the property is stable you can cash out refinance to pay your HELOC back and replenish reserves.With the limited information provided this would be my suggestion.

For e.g. in deep value-add projects, the timing of the cost segregation study could make a huge difference in the deductions you are able to claim as an investor. 

I'm currently studying for the bar while simultaneously searching for a job, preferably in real estate law (or something related).

Hi All! I've been helping a group of students, we would appreciate your input! A group of University of California-Irvine students are researching the needs of the rental property investor market. They’d love this g...

However, I live in an expensive market (NYC) and so will likely have to be limited to buying an investment property out  of state so that it can cash flow.

After studying this business for some months now, I have concluded that it is an easy business to run poorly or well... and a very complicated business to run for max revenue.  

@Neil Haven a four unit property will qualify for many commercial programs, which may be the way to go.With a commercial policy, you may have more flexibility with choosing the building limit and can pick and choose which coverage's you want.I would suggest calling a local Independent agent.