I do not know what your end goals are for property mgmt but I would recommend thinking of what the end goal looks like to help define what you may need. 

He told me since I just bought this building; I can depreciate the components or something.

Appreciation is a essential component and could be detrimental if you don’t buy right.Meaning, CapEx expenses could wipe away cash flow on a lower class asset and cause your first investment to be stressful.Now, you must ensure it cash flows upon your exit.

That makes sense — a tight radius usually helps with execution and local intel, especially on steps deals.One thing I’ve seen work well in that setup is defining two buy boxes within the same radius:• one optimized for speed/auction certainty, and• a secondary box (MLS or light value-add) that still pencils but gives you flexibility if timing or seasoning slows things down.Keeps capital moving without forcing a deal just to deploy it.

Define your “buy box” firstBefore spreadsheets or calculators, I got clear on:Market(s)Strategy (buy & hold, BRRRR, flip, etc.)Price rangeRisk toleranceThat alone filters out 90% of distractions.2.

Define your strategy and buy box – Once you know your financing limits, you can narrow down property types, price ranges, and locations that align with your goals.Another key piece of advice: Get comfortable evaluating deals strictly by the numbers, not emotions.

I would start with defining your goals.

Detailed studies break down every component for maximum depreciation ($3,000–$10,000).

a HELOC has to be used as some kind of short-term strategy with a refinance.  2. tax benefits are definitely a major component, and that's a question for your CPA, as it's going to be dependent on the totality of your financial situation. 

I standardized all major renovation components in 2017.