Exciting times ahead for you.Wishing you all the best.

You have to account for ALL expenses.Let's pretend you can rent it for $3,000.

Personally if you are looking to grow in real estate going the traditional method/way of getting good properties under agreement with traditional financing will get you to where you want to go faster than trying to find all the needles in a haystack.

Quickly I learned I knew nothing about the business of trucking and truly didn't enjoy it, as all those gains got depleted.

All it will accomplish is create a $800/yr tax bill from your lovely state.As to your question, read this thread:https://www.biggerpockets.com/forums/51/topics/1225072-do-i-... 

Hi @Damon Diddit I would avoid Newark at all costs. 

Quote from @Tim Brinsek: I've been looking all over for this and haven't found any resources yet.

So if 3 siblings all buy a house together and all live in it when they sell up to $750k can be excluded.If married only one person needs to meet the ownership requirement-but both must meet the use requirement. 

Spiderwebs were all over the patio, fireplace, basement and ceilings.

All being said, most real estate investors advocate that the earlier you can take action and acquire your first deal, the quicker you'll learn.