That's a lot more certain than the hope a neighborhood will improve, and usually a much higher rate of "appreciation".

My phone number and email are on my profile, don't be a stranger and let's see how we can help each other!

My understanding is that you take the "improvement" (meaning - exclude the land portion) part of your property and depreciate over 27.5 years.  

HI, I am new to the Bigger Pocket and thinking about trying Real Estate Investing (Sorry I have not completed my profile yet but will work on it this week.

Talk to Jason Ramos - http://www.zillow.com/profile/Jason-Ramos/He is my partner, and an Investor as well as an agent.  

More so if the house is older as you suggested and you can do some work to improve it.

Has there been extensive physical improvements such as a total rehabilitation of the structure?

All the info is on my profile.

I will update my profile with a picture and more detail by the end of the week.

Paying cash for the 1st rental is key and it is great you have the equity from your primary to do this.So I spoke with one lender that deals with investment financing and this is the method.  1: buy house with cash2: remodel and improve with intention of buying into equity3: (this is the tricky part with time)  Wait 6 months (some make u wait 12mo)  and get reappraised with intention of financing for 70% the appraised equity.4: Use the 70% pulled from 1st home to buy your 2nd property.This method works better in flips because once the 1st home is sold you can do the method over agian.