Britt,My firm has evaluated some smaller properties (under $500k) in the past for cost segregation, and it generally does not cost justify moving forward, since the benefits are small, and typically the tax liability on the income is minimal if any.

Jimmy,You need to show (2) years of 1099 SE income in order to use FHA, or traditional financing to get approved for a mortgage.

@Victor Yang To use the rental losses to offset any active income (W2), you'd have meet Real Estate Professional status (which would be difficult to do with a W2 job because you'd have to work more on real estate than any other job to qualify) OR have an AGI of $150K or less.

Could you go reinvest it in another property to build even more income?

My home in Boise will be on the market in coming days and I'll have nice capital gains thankfully, and my home is not in an LLC. 

Start to evaluate deals based on the income approach and you'll do much better long term investing. 

Currently, my strategy is to rent to section 8 tenants for the guaranteed income.

Been interesting if we as a state get rid of personal income tax.

$1 lent for $10 of income? 

I am in the Tampa Florida area and we in dire need of more LTRs for incoming residents.