So it usually seems IMPOSSIBLE to find the time, energy or money to pursue it further, but we have both decided to dedicate ourselves towards the long-term goal of transitioning into successful, full-time investors.

@Ephrem Bekere It's impossible to answer this question without knowing 1) your other income and deductions and 2) whether you reported your rental income (as well as other items) correctly, neither of which can be ascertained from a forum post. 

Condos are a tough market for investment potential, mostly because often times the HOA fees make it nearly impossible to justify the financials.You know your situation better than anyone else but:1.)

I know 2 who just dumped some units over there because getting good tenants was impossible. 

Don't read this as impossible or not worth it....

I know i got a nasty gram from the state when i proposed to do just one loan for someone.. and its next to impossible to find a guy like me NMLS licensed and state licensed to write these small loans for others.. simply no money in it..not worth the time.when most RMLO s can work on a regular bigger loan and make 5 to 15k fee.. 

There are plenty of nuances when it comes to taxes for real estate investors (hence why we have this forum), so it's really impossible to give specific answers without knowing your situation and your numbers.  

@Brittany Regts - It is impossible to estimate the costs without seeing the property.  

It is harder (but not impossible) to mess up a good duplex, especially on a first deal.

We have people who work at our company in sales who make impossible promises to our clients and then like to yell at us when we're not able to deliver.