My wife and I are in the education phase, just starting out.

I was in the military from 06-10.

Ned Carey is correct that there is no limit to reducing income by expenses; however there is a limit to the amount of "loss" (when expenses are more than income) that the landlord can deduct on their personal income taxes.PAL rules allow for $25k in deductions for those with AGI less than $100k (that might be the married filing jointly number) and the allowed deduction phases out between $100k and $150k AGI.

When I was 18, I joined the army and went to college at the United States Military Acadamy at West Point and majored in Economics.

You may also want Phase I Environmental Site Assesssments (Phase I for short), depending on location and value.

They will go through phases were they won't have any 210 numbers then all of a sudden they will have a ton of them.

So I just got back from meeting with a Realtor thats a city's lot agent to find builders for Phase two.

I am in the military and own a SFH (current residence) and a lot in North Carolina but also have a 4-unit, 2-unit, and SFH in Michigan (where I am originally from).

They(him and his agent) are looking for 3 builders to be ready to go for phase 11, phase 1 is full.

I am currently in the research and knowledge gathering phase and have already found several threads on wholesaling/rehabbing very helpful.