Specifically, I would encourage you to continue to seek local opportunities for equity growth as well as seeking out-of-state or upstate opportunities for cash-flow (i.e.

My broker advised me to "bite the bullet" and close the deal, telling me that I should be glad I wasn’t losing money on the deal.

If you have any specific questions, I am here to assist.

Also, I have heard about the benefits of having an LLC set up to manage rental properties but not sure if this is advisable at my stage (e.g., not a lot of properties to manage).

If you have specific questions about property management, I'll be happy to help!

In most of Raleigh city limits specifically, the lack of room to build new construction developments has stirred the folks in zoning.

Not questioning your judgement/assessment, just trying to understand the situation to best advise you. 

I'm sure there will be others with their own (and possibly conflicting) opinions, but for question #1, I always advise my clients to focus on properties in areas that 1) they currently (or previous) live in/near, 2) they travel to frequently, or 3) they have family/friends in the area.For question #2, the answer is going to depend on what you do for #1.

While podcasts, books, seminars, and websites offer general knowledge, you'll buy a specific property in a specific location, subject to local rules and regulations.

And must be pretty significant unreported income if it would have caused $45k in state tax liability.You advised your client to wait past the expiration of state statute.