Could you provide guidance on how to navigate this situation from both a tax and mortgage perspective so I won't have issues getting my next property?

GeGe, thank you so much for the info!  

I am currently living out of state so I have hired a property management company to handle this task, however, my home is still sitting vacant with very few prospective tenants.

Andrey this the same deal you were posting about a few months back.. if so i would contact Kathy and see whats up.. its exactly as i thought it was.. seller financing so the debt was to the seller who then probably sold the notes to other investors.. so no recourse just bad deal 

Rinse and repeat every two years or so.

I knew the good and not so good areas.

I don't have a ton of cash right now so figuring how to do it all creatively is definitely in my priority list.

Look for a market that is growing in population and jobs so that you can get in the way of obvious appreciation. 

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

You have to disclose all of this when you sell, so you will end up paying your plumber or discounting to your buyer.