I only see one person giving you the correct advice.Your focus should be on paying off the debt, controlling your finances, and building your credit.

Im not sure what market you are in but on top of the sound advice above you need to be pricing your property correctly according seasonality and your competition. 

It appears TurboTax (downloaded version/Forms) doesn't have the capability to report an exchange of one residential rental for two residential rentals.I am entering this transaction myself through TurboTax, but I would appreciate feedback from the community on the correct forms that need to be filed.

Am I correct in this assumption?

I thought I’d reach out here to course correct myself by following what successful BP investors are doing.

Patience and persistence only come into play when what you are doing is correct.

Lots going on here.Novations can be listed in Texas if done correctly. 

They have a good and simple lease builder as well.Use rentometer and the BP Pro rental calculator to be sure you price it correctly, and take into consideration any expenses you might not have considered.

Correct.

@Rich Solano Need to lock those up at deeper discounts shoot for 30% minimum remember market values are still inflated in many cases, if you only buy with a 10% discount and we get a strong market correction you'll be in a tough spot.