I used a heloc to purchase the first 4 rentals, so $155k of dept is wrapped up In  that until I refinance each property which have already appreciated extremely quickly given the current market. 

Technically we should call it basis reduction, but the end result is the same: he owes tax on the entire insurance plus appreciation plus depreciation.

So, if you start with a duplex, your next purchase could be a triplex or fourplex.

Hi Saul,Vegas and Phoenix are on the pricier side, so you'll need to put a large down-payment down if you want to cover all your expenses with some cash leftover. 

So many strategies available to you to start out with, a big part of it depends on if you are looking to be hands on or continuing to pursue other opportunities at the same time. 

How have you been making payments so far, to a servicer or directly to the seller? 

Negligible changes called "diminimus" are the easiest, but they are along the lines of 1 foot out of a 50 foot setback.

There's so much good info here.

PM me if you want to jump on a call.

So you might not be able to get the best estimate.