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.

This is the residual or remainder of the revenue stream available to pay for land.In many markets, most homebuilders will focus on the finished lot cost.

And what if a section of flooring, or a countertop, or some other item in the house just needs a good clean instead of needing to be replaced?

Expenses such as mortgage interest, legal fees, property taxes, r&m, insurance, advertising, realtor and depreciation are items that would offset your rental income.

Working on a flip property and we have just a few more items to do so I put up a for sale by owner sign out front and a week later we have someone pre-approved for a FHA loan and working with a realtor.