After all expenses, including PITI, we net on average $700/month.

3) Remaining $5625 is reimbursed to me as home office expense.

Its dashboard is so cluttered, it hard to see who has paid and who hasn't. 

I am looking at this from the LP perspective, because to the GP, equity is the MOST expensive form of capital.

But that is calculated after expenses and depreciation is factored in. 

I agree with the others here that say you need to have some skin in the game, if you are going to live there yourself, get an FHA loan rather than owner financing, you can get a 3.5% down loan, personally I do not love these as they require  PMI which is an additional expense, and you also need  bring additional funds for closing at least for taxes, title, attorney and transfer fees . borrowing from anyone else for the down payment, to include a personal loan from the bank is not a good idea, those again will be higher int. rate.

Sounds like there were some lean years but your persistence has paid off big time in terms of appreciation on both rents and home value.

Also, they ONLY earn the credits if their rent for months 2-4 is paid on time. 

Do you have cash reserves for capital expenses and improvements? 

Keep buying properties and borrow money against them, don't sell them.We walked away with as much as we paid for it giving us a healthy bank account to use for investing..