And on top of that, my property will be worth more too.Real estate is a long term play, so if all you are looking at is what does it cashflow on day 1, then you are missing the big picture. 

I've looked and doesn't seem like there are any local REIA meet ups but I could be missing something. 

While a general CPA should be good enough to do a basic real estate return, I see many many returns that I review miss basic deductions.I would look at the Tax Pros on this site.

It sounds like buying an already built home is the way to go.One other question about building in the area though, where I'm sure I'm missing something. 

There is a 2 car garage that could bring in an extra $150.No repair needed, it would be a turn key property.Property tax $10,980/yr.Loan would be 20% down 3.75% interest.Anything I'm missing?

So many people say "we've barely gotten our feet wet yet" and that scares me that we may be missing something.

I don't know how many "cap rate" articles, blogs that simply miss this concept to the point that I question the authors' understanding.Cheers...

What am I missing?

I'm sure I'm missing a lot here, so I'm open to any and all feedback.

Look for components you can separate out and write off immediately (appliances being one that I see missed a lot).