However - this decreases the total amount of conventional mortgages you can get if you did it separately.

I just did a quick google search and Baltimore County requires all rentals to have hard-wired smoke detectorshttps://www.baltimorecountymd.gov/News/PoliceNews/...In addition Baltimore REIA has an article which indicates that the city requires hard-wired smoke detectors as well:http://www.baltimorereia.com/smoke-detector-law/If you read the Baltimore REIA article carefully it lays out when battery powered detectors must be upgraded to hard-wired but of course you should not solely rely on their article.

totally ineffective strategy.Is there something I should do.thx russ

Here are the numbers,Purchase Price: $165,000 as-isFinanced: $123,750 (25% down, couldn't put any less down with a conventional lender)Mortgage Rate: 5.25% (no points); 5.35% APR -rates are on the rise it seems.Estimated closing costs: $4,500Initial cash invested: $46,310Gross Rent: $1,725 ($875/$850)Operating Expenses: $815 (includes mgmt fees @ 10% & capex of $275/mo)Cash flow: $140.77Principal reduction: $142Cash-on-cash: 3.65%Total ROI: 7.4%Possible near future repairs: Roof (Estimated at $4,000); windows (Estimated at $5,000). 

Do not rely on it for legal advice.

Do not rely on it for legal advice.

"Total "all in": $50,000 (fully financed, 15 year note, 5%)"What does this mean?

Well, not much of a wreck (I still went skiing), but it doesn't take much to total a 16 year old vehicle. 

Any repair/install/asset for IRS purposes is always the total cost it took to get the asset and put it into service. 

The public records will show the total amount of the loan, but not the outstanding balance so they won't know if you are leveraged or not.