Taylor, You are on the right track by asking questions now and starting to learn as much as you can.

Consider putting the property up for sale and get your life back on track, then try investing again.

Day traders are not exempt unless they elect mark-to-market (MTM) accounting, which eliminates wash sale tracking but taxes gains as ordinary income.To manage taxes, track trades closely, avoid overlapping purchases, or consider MTM election if trading actively.

@Reno Philip Welcome and you are in the right place and you are on the right track. 

If the proforma has the rent roll at $1400 a month, there is a discrepancy that could lead you into a bad assumption on your business plan.Also one caveat, be aware of physical delineations around the area like bridges or railroad tracks or a canal. 

A sophisticated investor will also typically ask for the entire claimed track record and then run it through the wringer.

Real estate prospecting is a numbers game, so the key is to keep reaching out, tracking your progress, and refining your process along the way.Let me know if you’d like to brainstorm more ideas or chat about prospecting strategies!

I have resorted to downloading ALL my leads to a spreadsheet for tracking.

Keep track of 3 buckets.1) Owner occupied portion - potential deductions for schedule A2) Tenant occupied portion - potential deductions for schedule E3) Jointly occupied portion - likely prorated for both schedules.There are nuances to this, so I recommend looking for a tax pro who can coach you on this. 

You track all of your expenses the same way irrespective of profitability.