Definitely investing a portion into the stock market by either investing it in a dividend portfolio or a pre-tax fund.

It’s not just the cash received at closing, you have to consider the mortgaged portion of the relinquished property. 

Also, you don’t need a business license just to look at properties, but if you buy a bigger property, like a multi-family unit, you might need a certificate of occupancy, depending on the local rules.For business trips, most expenses can be deductible, but if it’s part personal and part business, you can only deduct the business portion.

The thing I didn't like about RentRedi after doing lots of research and preparing a spreadsheet with features and costs, is that RentRedi doesn't disclose up front that the accounting portion is linked to another company and is extra and, frankly, comparable to the pricing of the "big boys."   

Honestly unless you have the funds to buy them out of their portion when the time comes, it is better to sell it.

Particularly the state licensing portion? 

We have QuickBooks reports going back for 10 years as well that we are posting to this private investors portion of our property management website.

Here’s a BP blog for more info on this - 9 Vital Questions to Ask When Vetting Your Real Estate Investing TeamTenant SegmentNo property ever paid rent.

Let's say at 6% over 30Yrs will be about $960 per month(Principle/Interest) with the remaining  interest only portion $40K costing roughly $200 per month. $1500- $960 + $200 IS $340Cash in your pocket after everything roughly $1500-$1160-$340 which is not bad for a 100% financed deal(INFINITE RETURNS)Now, If you ran this analysis on a 1% deal as @Nicholas L. mentioned you will undoubtably end up in the red each month.All the best!!!

You filed two full year tax cycles and the numbers are similar (no greater variant than 1%) they maybe yes.Generally depreciation is added back as income BUT only the 40% portion you own not all of it.