@Jack B.Three scenarios: 1) If you reinvest- yes it is traced to that activity and deducted2) if you use it for personal use - non-deductible3) if you hold on to it on your LLC account/ books, but dont reinvest - it can be argued that you are holding on to that money for future repairs and stuff and you refinanced/mortgaged because the interest rate was super low compared to what coming in the future.

Flipping in the uk has low transaction costs and therefore makes lots of sense, but this post (below) made me a little crazy because in the US, transaction costs make sure the entrepreneur with all the risk/work gets only half the profit....even if it goes well....whereas the realtor(s) and money guy gets half ( or more) of the flip for close to zero risk.

Do you have experience in the area with rental properties to justify the low numbers? 

If you want to pursue a claim for the water bill and incur the costs of said claim you can but your chance of collecting is probably low.

I may have left out insurance, but the amount is so low it will impact the bottom line/decision very little.3. 

This 2003 house is a fairly low-maintenance property and I realize that to buy other properties I'd likely be getting into more older properties which inevitably will require more maintenance.

But I’m in an area where $500k+ with 15k+ in taxes can be the low end so I’m trying to not be jaded by a lower prIce poInt.Very much appreciate the feedback from everyone...

I always work on the low hanging fruit.

Why bother with such low numbers?   

He also describes them very well, so you don't miss out at all.His other book "The Book on Investing in Real Estate with Low and No Money Down" is also great, but unfortunately the reader is pretty terrible and distracting, so I suggest reading it on paper or Kindle.I wish more Bigger Pockets books were available via audio!