Is that tax deduction less than your physical loss in revenue?

Even with a property that only has 5% physical vacancy, you should account for bad debt, loss to lease, etc.

I forgot to add this to the body of the post, but I am looking in the metro Detroit area

Typically based of historical figures with adjustments made and explanations as to why you think you'll be able to increase rent & decrease expenses.When speaking with the property manager ask the following to get started:what other properties do they manage:how does this property compare - physically and financially (rents, expense ratio, etc.)What is the going cap rate in the area, what are they basing their asking price off of? 

PS Bonus points for ability to generate 3-day notices from the software, and ability to dispatch physical letters without manually print/fold/stuff/stamp/mail  (ala mailaletter, click2mail)

I'm a bit concerned about anonymity, but I was told that they might require an actual physical address.2. 

I realize now that I have a decent amount of equity at my disposal and I'd really like to use it to grow our little side thing into a full-fledged business.It is a challenge to be actively involved when I'm not physically present, but I'm fortunate enough to have a reliable partner and property manager that handles nearly everything.

That and no capital are the ONLY two things preventing me from physically acting.

Real estate is not easy and aint no body gonna hold your hand for free.  

have some body else write the review.