Are mortgage points paid on a rental property deductible the year the property was purchased, or do they have to be depreciated over the life of the loan?

My loan feel through because I didn't have enough time in the army to use the VA loan and I was counting on it the whole time so since that feel through I hade to go the FHA rout witch increased my interest rate 1.3 percent and on top of that I now have to pay PMI and if I had been planning more than one loan in the begging I would have been prepared Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am in the stages of purchasing a property with a traditional loan, then transferring ownership to an LLC to protect my personal assets.  

Hi @Felix Lilly,Your approach to buying your first property in the Vancouver WA area is a great start, especially with your interest in an FHA loan for its lower down payment requirement.

I am looking to connect with loan officers and realtors.

You are going to cost yourself so much money, and time (time = more money).......I'd strongly suggest that you get over your aversion to loans and take one on for a small, medium distressed flip and get a good GC to help you put lipstick on it, then sell it for a little bit of profit.Now you will have some experience and a much larger comfort level with the whole deal. 

Here are some considerations for investing in a duplex in the Dallas area and potential alternatives:Investing in a Duplex:If you rent out one property, you can possibly create positive cash flow by partially offsetting your living expenditures.If you're an investor with limited funds, duplexes could be a more accessible alternative because they may have lower entry expenses than bigger multifamily properties.Perform in-depth market research in the Dallas region to pinpoint communities that have high demand for rentals and good prospect for real estate growth.Take a look at owner-occupant-friendly financing choices including FHA loans, which frequently have less down payments.Make sure you have a well-defined escape plan.

Investment Info:Single-family residence private money loan investment. 2 Bedroom, 1 Bath Single Family Home near UT Hospital How did you find this deal and how did you negotiate it?

On the IRS website, it says points paid on the purchase of a rental property can be deducted, but most sources say the amount must be amortized over the life of the loan.  

I would prefer the higher loan to value LTV product.