@David Cherkowsky, the lender will take the full rental income reported on the tax return, for that property, subtract it from the total expenses, add back depreciation, property taxes, mortgage interest, home insurance, HOA(if applicable), sometimes repair expenses(must be documented), divide it by the total amount of months the property was in service for that year (THIS NUMBER IS ON YOUR TAX RETURNS, SO MAKE SURE YOUR ACCOUNTANT DOES NOT PUT 12 MONTHS), and subtracts it against your total monthly mortgage payment.

(Michael's posts are a great resource for this, but still no substitute for working directly with a tax accountant that's well-versed in all the ins-and-outs of this.) 

Your first priority should be improving your credit by paying down debt, disputing errors, and possibly becoming an authorized user on a trusted account.

They said I'd be free and clear and account will be closed.

I don't want my kids to have to do the same, but I also want them to be self-sufficient and accountable.

Based on what my real estate agent thinks that this quote will be, roughly, and the after repair value, it looks like I could buy this property in cash, spend a month or two fixing the damage, and then put a mortgage for roughly 1.6x what I paid for it and thus have a cash flowing property at a few hundred dollars per month and a little more money in my bank account ready for a down payment on the next deal.

.- The accounting feature is rock solid.

Currently looking at American Express Business Checking and Bluevine (per Nerdwallet "Best Business Bank Accounts for LLCs") but open to suggestions.Thank you,Ryan

I also utilize BP calculators through my professional account to underwrite deals.

Over the years, I've built up decent cushion in stocks and retirement accounts - I'm right now trying to figure out where to get started...