That will show what proposed tax increase you will see.

Best to hire it out, even though it hurts the margins, it saves my time and stress substantially.

Tax and Legal ConsiderationsUnderstand the tax implications and legal responsibilities associated with rental income.

You also don't have to pay state tax on income. 

By and large, QI's have very high ethical standards, and are sometimes overlooked as the engines of this tax saving tactic.]REPUTATION MARKERS 📊INDUSTRY STANDINGMembership in professional organizationsLeadership roles in FEAEducational contributions to the industryRelationships with major title companiesCLIENT RELATIONSHIPS 👥Testimonials from CPAs and attorneysReferences from title companiesLong-term client relationshipsTransparent fee structuresRELATIONSHIP RED FLAGS 🚩Overly familiar with your realtor/brokerKickback arrangements (illegal!)

Use that loan to pay the back taxes and get things under control.

@Brice Alef-Torrisi putting each property in its own LLC is usually overkill.Getting a bank account for each LLC is typically something you need to do to avoid "piercing of the LLC corporate veil" (actually depends on tax selection you made for LLC), but is also overkill.You haven't indicated how you are holding the deed for the latest property.If in your name or same LLC, you don't need a separate bank account.If in separate LLC, you can create a Master LLC, have each property LLC hire the Master LLC to manage their affairs, and just get a bank account for Master LLC.This is an opinion, not advice, so lookup CPA Frank Alcini in Troy for expert advice.

I'm looking for you advice with my overall strategy and garner any experience you might have to save me from learning the hard way. 

I also wanted to benefit from tax saving before the years end with a new property purchase.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).