$20k repair cost I think is the variable to study.

I have studied finance on my own accord for 6 years and have recently gotten into the business aspect of things.

All this proves that it was at an arms length transaction and I got my taxes reduced.

for two years I've been studying real estate investing and it's gotten me no where.

You need to seek opinions from other professionals whom are familiar with this exact boiler system.Indeed you may be correct but,you need a strong professional opinion that you can present to a judge that proves he was negligent in his repairs.

What I would look forward to most in REI would be developing conjoined lateral income and retirement planning for my wife and I, along with the potential to fund my children's needs in the future (their pursuance of collegiate studies).

A study completed by Firepaw org shows that having tenants in your property can actually increase your revenue.Unfortunately everyday more landlords are learning that canine liability is no longer covered under current insurance policies.

My understanding is that what you said is true ... however, in addition to this, there is the "self sufficiency rule" which states that for 3-4 unit properties "you’ll need to prove that 85% of the rental income you’re likely to receive will exceed the full monthly mortgage payment." reference:http://www.anmtg.com/mortgage-resources/fha-loans/...So, even if you have sufficient W2 income to otherwise qualify, the self sufficiency rule could still trip you up.

A good mortgage broker or banker can advise you on the details ...OK ... this is my beef with the Podcasts and success stories like these ... most of the time if you study them carefully, the person with the success story is what I would consider a newbie ... they may have a few deals under their belt, but have only been in this business a few years, so all they've ever seen from a RE market is green pastures, they haven't lived through a downturn.

To get the most out of the section 481(a) adjustment you can use a cost segregation study to fully correct your depreciation, but it might not be worth the cost of study on that property.