So, while what Dave is saying is very true, it can be a case by case basis with a different flavor for some holder on the street.

Houston is a different market flavor, but it still doesn't change my suggestions.

@Peter Nikic, Sec 1031 defers gain and makes no specific distinction between short term gain and long term gain. 

Paige, really depends on what flavor of real estate you are talking about?

Basically, creating a separation (legally a distinct entity) buffering your assets.

One more question:  As I will be passing on the trash bill ($25.00) to the tenants, should I wrap that into their rent, but making a clear distinction that it's for the garbage and not a rent increase? 

Acknowledging and discovering the many wonderful flavors of REI will keep you "happier and closer to a place of true investing" more times than not.My take on the OP's thread and not having listened to it myself yet is this, I think it may be alluding to the Note game.

@Ryan Cleary Keep business expenses very distinct from personal, like in a separate account, starting as soon as possible.

It's moonshine with apple flavoring. 

As a tax-sheltered retirement plan there is a distinct barrier between the plan and your personal finances/investments.An all cash purchase of income property by an IRA is rather simple.