Here's a handy timeline chart that I used yesterday in a post to show where an expense should be allocated depending on where you are in the process.There are a few other caveats regarding business trip deductions and start up expenses that you will want to talk to your tax professional about as well. 

(9% NOI can be good, or bad, depending on factors you haven't told us)...

Much of it depends upon the fact that you hypothetically bought the property for cash.

It also depends on the property type...

@Ernesto HernandezYes, there are fee's for your license from the BRE:http://www.dre.ca.gov/Licensees/Fees.htmlas well from your local board of realtors depending upon where you hang your license..

Down payments in the 3.5% - 5% range are available depending on which program you go with. 

Depending on water pressure in the area or the number of units in a building, you could possibly have to sprinkle the building.

But I guess at the end of the day, it really depends on the amount of work you are doing.

I guess my main concern is the rising interest rates we'll be seeing soon if things keep going the way they are, so I'm wondering about locking down a couple more cashflowing properties.I know it depends on individual goals, but I guess I'm wondering what you guys would do if in the same position.

Spend your time on activities that actually generate income.20K might be enough to get into a property, depending on the details.