If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Oregon Tax Burden and politics have done me in :) 6.

You should speak with a CPA and a tax attorney to be safe.Regarding your thoughts about 1/3 equal splits - sounds good until you check out the cost of getting a DSR rehab loan or borrowing hard money.

But I also love the idea of investing in real-estate and utilizing its tax benefits I have read around 10 ish books or so and the one I am reading right now recommended this site I am looking for some advice of things I can do to either prep for an investment into real estate and or do right now.

Here are the pros as i see it: easy (no purchase necessary, you know the property), likely prop 13 property tax discount, possibly below current rate loan.  

People are going to start thinking about spending their tax refunds in the middle of January.

The house is valued at around $230k, and I still owe about $200k on it—not my smartest move, but I’m learning as I go.  

You can do whatever you want in terms of bending for the tenants and trying to provide "great service,' but the truth is you receive no credit for it and will be the evil landlord at the first repair that takes too long, late fee owed, alternation denied, etc.  

Also, we'll need to know what your other expenses will be (taxes, insurance, etc.). 

How long will they have to cover property taxes etc for the decision they make?