I know of an individual who made a similar purchase in 2006 and sold earlier this year and still took a loss.

@Aakash Tandel If you're goal is cash flow, Indianapolis is a good choice.

You can not get ahead until you catch up and that will require a total rethink on your daily choices.

Income passes thru at individual tax rates and you get Business expense deductions.

Hi Angela,Check out this link:http://www.indyhousing.org/housing-choice-voucher/landlord-resources

Do you prefer to work with individual property managers or property management companies?

Turn the property into "condos" and sell the units individually to the occupants or other investors.

Chris...I believe this is in the circumstance of loans made to individuals where the loan is securing a primary residence, correct?

I printed out a standard letter, but hand wrote the individuals name at the top "Dear Mr Owner", hand signed each one at the bottom, and hand wrote the address on the envelope.

We were able to itemize instead of taking the standard deductions on our individual tax returns while it was our primary residence, by deducting mortgage interest, taxes and qualified improvements, but then learned the power of the P&L and taking business deductions against the passive income to offset our tax liability.