Our plan is to hold long term (10+ years) and likely pay it off in 5-10 years to act as supplemental retirement income which we plan to get to with a couple more properties paid-off in Tulsa eventually.Would you pull the trigger on these two properties based on our goals?

I have been and am researching to gain a stable foundation of REI knowledge, but I am eager to jump right in.My focus is to utilize real estate as a means of supplemental income and cash flow as well as to get a better understanding of the RE market and its business.My goals include: Paying off my current debts (mostly student loans) and saving money to fund future real estate purchases as well as other ventures.Good luck to all and I hope to share success with you in the near future.

My daughter roomed with a girl here @ a local college.Her father was a preacher & decided to buy a similar property to supplement his future retirement.

Also buying on the Pacific coast highway and having to supplement another $3000 a month in mortgage payments for the sake of appreciation is also not worth it. 

BiggerPockets newest book is about private lending, and in that supplemental materials area, there are copies of forms and worksheets to help you along the way.

@Steven Bialeckihey thanks for all of this info. i might be able to offer some suggestions. i know the HML i work with allows use of other funds like heloc, loans etc. he offers a loan on the side to supplement the down payment. let me know if you want more info.

This K-1 information is then used to report your share of the partnership's income or loss on your personal tax return (Form 1040) using Schedule E (Supplemental Income and Loss).

For individuals tethered to a W-2 job, this presents an opportunity to judiciously manage their tax liabilities while exploring supplemental income avenues.If this sounds like something that fits your investing goals, please reach out.

These expenses would be reported on Schedule E (Supplemental Income and Loss) of your tax return.Since you incurred these expenses before you started renting out your property, you can typically depreciate the cost of the furnishings and any improvements made to the property over their useful life.

I understand that for high-income earners, this is not a big concern because they supplement their primary job.