You can also look for active rentals in your area or similar properties based on bedrooms, baths Square footage and amenities to get a good idea of what your house should rent for.

@Jason BocekIf you plan to file your own return - You should look into reading the following form instructionsSchedule E - supplemental income and lossesForm 4562 - Depreciation & AmortizationForm 8582 - Passive Activity Loss LimitationsHowever, you may be better off find a professional who can prepare your returns correctly and provide you tax advice.Your rehab expenses may need to be capitalized if it was paid before the property was livable.You should be entitled to other expenses outside of interest, taxes, insurance(remember paying down loan balance is not a deduction).You should interview a couple accountants here on BP.

I am exploring Birmingham as a potential investment location. 

Hey Wayne,DM'd you - I'm actively calling off-market owners, focused on multifamily properties.

He could have also attacked me or killed me, so looking back it wasn't the best idea.Any time illegal activity is involved it is best to post notices on the door and avoid confrontation.

I would love to know more about what you are looking for as I am actively looking in that market.

If the Prospective Buyers weren't interested in their house, maybe you can find them that suits their needs.There are alot of ideas for prospecting, especially on a budget, but you DO need to be willing to put in the time and work, be consistent, and focus on the right activities. 

Outside of meeting with an "investor friendly" agent while in each city, what other in-person tasks should I try to accomplish to gain a better understanding of the potential upside to the rental markets.I have renovated and rented a multifamily property before so I'm not completely new to the game, but analyzing out of state farm areas is a relatively new path that I have yet to explore. 

@Carlos Casanueva- like @Andrew Johnson said, it basically comes down to if you want an active or passive role and fyi... you can go much bigger than 40-50 units my friend. 

@Angelo Wong  as a real estate professional you can write off travel to explore new markets..