You’re basically pulling future depreciation into this year.Two things to watch:Make sure the rentals are truly rental activities for passive vs nonpassive rules — big losses don’t help if you can’t use them.Get the study done by someone who actually knows residential rentals, not just big commercial.So: yes, you can do it now, yes, you can catch up, but no, you generally don’t get to go back and grab the old-year bonus as if you’d done the study in 2020.

@Jeremy Horton basically explained it: unless you're in some kind of high effort, higher risk niche, real estate isn't going to generate any cash flow in the short term... and by short term i mean 5-10 years. 

Don’t let that number push you into overconfidence early.If this were me at 21, I’d prioritize:• A conservative house hack that cash-flows or breaks even• Learning tenant screening and maintenance basics firsthand• Preserving flexibility for deal #2, not maxing leverage on deal #1There’s no rush.

I would select a market which has strong rental demand and affordable entry costs like TX, then I would calculate basic deal metrics which include cash on cash return and monthly cash flow before I start my advanced analysis.

First, basic accessibility is not sufficient on its own to exceed unit numbers in RT-3.5 zoning and an ADU is still subject to density restrictions unless your city has its own ADU ordinance or pilot program in effect on your lot.

Start with the basics, then when you get good at the basics, then you can add more complexity if you would like.

Basically formal letter so they know you mean business, text to be empathetic.  

For 2–4 units, cash flow usually comes down to boring basics more than fancy metrics.

I’m learning real estate investing and interested in property research, rental comps, and basic deal analysis.

Start by learning basic money skills and personal finance and keep doing what you're already doing (learning about real estate!).