In 2014 it cost me about $42k to do this.  

But coming close to break even, especially when using Interest only debt(HELOC), I'd say probably not a good idea.  

@Joe Michaels, What a lot of investors will do is to use the 1031 exchange as @Michael Plaks said, isto actually "acquire" additional depreciable basis. 

This is not my area of expertise, so wise people on this website will likely tell me not to venture into this!  

I used all the rent and any extra money towards paying them down.

Congrats on this investment @Kai'ler Sato ! 

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

On the land side, zoning, highest-and-best-use analysis, and exit strategies are key to maximizing returns.

Hey John, if your priority is security paying off the mortgage in 5-6 years would give you a solid $4K/month net.Alternatively, you could use the HELOC to acquire a few rentals, likely in out of state cash flow markets with strong price to rent ratio.

For example, places like Illinois and Oklahoma have specific rules requiring a real estate license for certain types of marketing.This specifically for flipping land using Transactional Funding.If you’ve done this before, what states have you found to be friendly toward this approach?