The way to finance closing costs is offer aggressively and with FHA you can ask the Seller to pay up to 6% of the sale price for your closing costs & prepaid items like an entire first years worth of home insurance, attorney fee etc.

They are depreciated just like any other item on a tax return.

Typical expenses of a property are: taxes, utilities, maintenance expenses, capital expenditures (big ticket items like roof, boiler replacement, etc.) and insurance.

You want a place for cutting, keeping tools, etc. without worrying about stepping over things or getting your personal items dusty.Hire contractors with good recommendations.  

The pros of multi family for me are lower cost per unit, multiple income streams, scaleability, reduced maintenance cost per unit. 

The leach field is down stream of the septic tank. 

The problem is finding a steady stream of those to build your business around.My plan is to do both the minor cosmetic rehab and the full gut jobs, with hopefully some wholesaling and real estate development mixed in. 

I mean EVERYTHING; clothes in the closet still with new tags, unused kitchen items, tons of childrens clothes, furniture, etc. etc. etc..  

This will have additional items that may be required .  

Your personal deductions, whether you itemize on Schedule A or take the standard deduction, will not be affected by your investment.First time home buyer credits are only for owner occupied property, not for investment property.