There is tax reduction and appreciation to consider as well. 

Transcribing transactions from bank statements, posting transactions to the correct accounts, and then manually creating an income statement, statement of owner's equity and a balance sheet is a fairly time consuming process and I have not been able to keep up with the book keeping between my regular work responsibilities.What accounting software do people recommend? 

The 1st position loan is paid off but has a second position heloc on the home with 50k balance.

are areas worth looking into if you want a balance of family living and business opportunity.Texas PerspectiveTexas is a great market for long-term rentals, especially in cities like Austin, Dallas, or Houston, where population and job growth are booming.

Secondly, short-term rentals provide flexibility for owners, allowing them to potentially use the property themselves when not rented out.

If you can find an investment that pays for itself, you won't be so nervous about investing.I also recommend you educate yourself on how to manage well.

My original loan amount is $323K, balance left $319K at 7% and 28 yrs and 8 months left.

Quote from @Dana Yobst: Quote from @Julio Gonzalez: @Dana Yobst While it may seem like a simple concept, it's actually a very complex process that requires significant documentation as well as specific methodologies.

This is due to bonus depreciation which allows taxpayers to deduct 40% of qualifying property costs in the first year, in addition to regular depreciation for new construction and improvement.

Some states allow series LLCs as well.