Because of that, the county has strict rules on how to upkeep a property. 3.

If your tenant cannot handle routinely sending you checks in the mail that don't bounce, you can and should do better.

@Kiran Na is your sibling able to purchase something as a primary residence here in Dallas or you strictly looking at rentals?

I started using Wave, and while it’s not strictly for real estate investors, it does act like a free version of Quickbooks and does have some nice features.

I would like to set some strict pre-qualification criteria in order to get the best tenant possible.  

We have a set of cleaners who understand the timing and routine.

They keep tight control of their rental properties after their cash is out of them and they routinely check up on any property managers they hire.Go turnkey or a similar strategy, and whatever you do, don't fall for the guru line that wholesaling is the right way to get into real estate with no money down.

I still routinely buy 7.5-9 cap deals (with some rent increases) just takes bigger properties and jumping on properties when they come up. 

Other methods not being strictly "legal".

Because there are three, not one, reasons to invest in rentals, in that order:Wealth building Cash flowTax benefits (a distant 3rd)If you're strictly talking about tax benefits, you have them even when your losses are locked up, for example:You can have positive cash flow which is not taxed, due to depreciationYou can refinance and pull out equity in cash without paying taxesYou can upgrade to a bigger property without a taxable sale via a 1031 exchange