It would be a loss, but a cash flow scenario would be very nice for 10 years.Thinking about tax implications first is a bit of the tail wagging the dog, but call me meticulous I guess.  

I'm not brilliant, but I study like crazy and I take a deep breath, and I move slowly and meticulously through a test.If you aren't sure of a question, make a light mark next to it and move on to the next question. 

So to your point, prob best to get an efficient rehab done and meticulously select your tenant.With that in mind, I agree with Barbara G..

And i kept meticulous records of events, communications and where/why I was unsatisfied.

And the inspections, at least in my area, were substantially more meticulous than I was expecting. 

Since I am a distance investor, I can't really gain much sweat equity by painting my own cabinets, but I found a meticulous cabinet painter who will do it for fairly cheap.

Gary Klein (Attorney, very knowledgeable and meticulous in his work).

Their place was meticulously clean and they paid on time. 

The condo has high occupancy and is meticulously maintained.It had a renter in it until it foreclosed (out of state investor had about five condos and let them all go) and was bringing in $850 a month.How much cash flow am I looking at if I bought for 45k?

On the other hand, if a spouse actually meets the qualifications for being a RE professional (meticulous documentation) and you have W2 income, you may be in the clear.