Keep in mind you will probably have a deductable to pay first.

Pay off debt .

If you were able to build equity over time, it could be smart to sell, pay off your loan, and use the money for another venture (flip, investments, etc) if it is truly bleeding you out.

This means that you will probably need to pay registration and filing fees in at least 2 states if you don’t buy CA property as a CA resident.Any lawsuits should be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced, some debate as to SMLLC).

What if a tenant fails to pay rent, leaves $2,000 in cleaning and repairs, and it takes another month to rent?

In fact I can have half of the rooms occupied and still pay the mortgage. 

In my firm, you would probably pay around $3,500 for this tax preparation, including Form 3115.

When you pay off a mortgage you pay the interest for all the years you didn't own the house?!?

Or you could pay cash now and refi later.

Second, if you want a nice house in a nice part of town, you will have to pay for it, so will likely need to raise your purchase price.Third, if you want to go off-market, just know you are trading a lot of time for the possibility of maybe finding a deal.