For example, could you scale and have the security of modest cashflow (somewhere between 2-5% after all expenses, including CapEX are accounted for), if you put 30% down? 

I remember someone telling me that if I wanted to get in that game to make all the numbers work on the Section 8 check. 

Find an accountant that specializes in real estate taxation and amend your return if it has already been filed.

But keep in mind, as with most auctions you can't get inside to check the condition of the property you want to buy.

Set expectations up front and keep them accountable throughout.

I'm just looking for a break even property. also take into account taxes.

What I'm trying to say is that I recommed giving us more details or if you don't want to put personal info on the internet find a in-person tax professional or accountant who is familiar with rental property taxation to determine your eligibility for deducting rental losses and ensure that you're compliant with tax regulations.

I assume, I will have to open business accounts and use those to manage my business expenses and business earnings etc. 

Tax Returns: Request copies of the individual's previous years tax returns will confirm there yearly income and account for expenses and liabilities.4.

Calvin, you may wanna google some of this, ya know, just double check comprehension, just sayin.