Also consider tax implications of rentals w/ depreciation vs your FT job with normal W2 taxes.

If you haven’t already, consider learning underwriting software or creating a detailed spreadsheet model to speed up your analysis and make apples-to-apples comparisons across deals.Third, as you’re building your team, focus on finding partners who align with your goals and strengths.

I would consider the cost of extracting your equity from the FL property by sale and then compare that to pulling equity by way of a cashout refinance.

Use customized leases with state-specific templates and consult a lawyer for complex issues.

anything else I should consider? 

Now you are both making money and he gets practice managing the work load. another thing to consider- why force the situation?

So far, it's been an effective strategy, and I've gotten some really good returns utilizing it.I think more property managers should consider it.

They can provide guidance tailored to your specific situation and help you navigate any state-specific requirements.If you're considering investments in other states, like Arizona or Texas, it's worth noting that some states, such as Texas, don't have a state income tax, which can simplify the process. 

Quote from @Justin Hammerle: @Thomas Lebens - if this is your first property and you plan to occupy why not consider an FHA?   

@Maynhia Stott  Baltimore has considered dropping to 12%.