We choose to work with people who don't smoke, drink (in excess), or use drugs.

The tenant is essentially asking for several thousand dollars in rent reduction to make up for these issues, but this seems way too excessive to us. 

Once you have the excess money to throw away then you begin to consider spending on life style.

Ordinary rate recapture applies to depreciation taken in excess of the straight-line method.

It's not like you get to reset depreciation on that piece.However, if you have additional basis in the replacement property (or properties), called the "excess basis" (say you put more cash into the deal), then that piece would generally get a fresh start depreciation schedule.

And now with Dodd Frank scheduled to be rolled back that may fuel the market further, reducing the barriers to entry. 

Your job is the fuel for your Real Estate Investing fire.

The only reason why I’d like to buy now is because I’d like to take advantage of the excess overtime my job offers, to just get my foot in the door, and begin in what I KNOW will be the beginning of the rest of my life ( real estate, not my current job ).

I think the ADA concern is excessive and this person sounds like they don’t know what they’re talking about - someone call me out here if I’m way off base!

Even though we're off the gold standard, look what happens to precious metals (a safe harbor) during excessive inflation... their stored value goes through the roof.