Instead, I built up my credit lines (credit card limits).

I am here because like many others I am seeking financial freedom, but more importantly I am limited to where I am able to work.

I'd also encourage you to look at a 3 or 4 plex. they are a lot more rare and it will really limit where you can live but that sets you up the best to cover your expenses 

If you have several properties, as in my case,  the positive cash flow ones carry the negative cash flow ones, so it all works out in the end, and 5 to 10 years can create a lifestyle of pure freedom. 

@Joseph PuglieseIf your business is accrual basis and previously accrued the revenue and included it in taxable income, yes you could write off the bad debts.If cash basis, you don't get to write off revenue you never received as you never were taxed on it in the first place.There are extremely limited exceptions to this, particularly if you're cash basis and recognized the revenue under constructive receipt, however I suspect your fact pattern is not that complicated.You can deduct your normal operating expenses of the rental.Your CPA is best equipped to help you deal with this.

Keep in mind condos are challenging with limits on frequency and duration of tenancies, HOA approval of tenants and often the condo fees kill cash flow. 

The Fannie 10 limit rule is 10 financed Properties, not 10 Loans.  5 different properties with one blanket mtg counts the same as the 5 properties with 2 loans each.  

Do you have a limit to the number of animals you will allow or are you OK with running a zoo?

With that being said gentleman, i appreciate the feed back, i'm trying to get my foot in the door and have been doing minor research on how this all works. i have an investors mindset with a limited knowledge of the business.

You may also have limits on how much you can charge.Again, it's very important for you to read the law.