Thereafter the plan would be to get teamed up with a CPA and Advisor team locally to build out the frame work in which I can maximize deductions.  

I, the owner, living in one unit of this two-unit building, was never told this.

Staring with a few flip projects could be a strategic move to build up your reserves and establish an efficient assembly for your investments.

I also heard from a home consultant on a new project out there that they're planning to build about 5,000 new homes, though he didn't know how long that's going to take.

.- Maintenance when tenants are staying, what you said is doable too, the only pain fall that I am seeing is to trust the maintenance company and do a recurrent inspection.- Urgent maintenance issues, this is the most tricky part, in my case I have 3 of these situation and the go-to contractor didn't even answer the phone, so I had to find someone else, so made many calls to get this sorted quickly.One of my investors lives in Chicago and found that the house was destroyed when the tenant left so his wife came to Dallas for 2 months to fix everything so they can put back in rent. 

I've had bad experiences with two different property management companies in Columbus that stemmed from them not taking timely action on repairs that cost me a lot of money and also not identifying obvious things in inspections that led to higher turnover rates and increased the time that it took to get the unit ready for the next tenant. 

This classic book is a great starting point for anyone interested in building wealth through property investment.

So what happens is there is a differential that builds up over time where you get grand-fathered into a lower taxable value.  

Welcome to BP Greg,Make sure you build teams in the areas you want to invest!

As the representative for the tenant, I oversaw a remarkable six-month renovation project on a 15,000SF project that revitalized the property from an uninhabitable church to a stunning showcase car dealership. This pr...