It’s paid off, I would “like” to leave it that way & maximize the cash flow while paying down the heloc between the rental & other income.  

You must report rental income on Schedule E and can deduct rental expenses like repairs, maintenance, property taxes, mortgage interest (allocated between personal and rental use), and depreciation for the rented portion.

I just don't see it going down significantly more than the current state... but again who knows.. it's Dubai like you said

So, we hope that the area can soon recover but it looks like a lot of the owners will be converting.  

I've been working in software consulting services for over 15 years and it's kind of disheartening that I haven't been able to figure it out, but I've got other things to worry about (like how to get a few more properties so i don't have to worry about buggie tech crap anymore :) ).

With my in-laws living in Augusta,  I visit the area a few times a year, and it definitely seems like there’s some potential in the market.  

Quote from @Devin James: Gross Margin is an important calculation for developers/builders.Gross Margin = Gross Profit / RevenueWe shoot for a 20% gross margin on our New Construction HomesReal #’s:Home Sales Price: $374KClosing Cost: $18,700Cost of Construction: $258KLand Cost: $30KGross Profit = $67K$67K/$374K = 17.9% Gross MarginCame slightly short of our goal of 20%Homes Values and Build Costs are constantly fluctuatingI wish we had a crystal ball build larger homes. average new build in our market is 2200 square feet, 4 beds, 3 baths, 2 car garage and sells for 515k. construction costs lower if design is good and find the median or average home sale price and push that up. my guess is you built too small. 347k is cheap. we target 429-479k price range in columbus ohio for single family homes and also only purchase close to urban core where premiums are 20% higher and we build smaller like 1500 sq ft where price per square foot goes up. 

These are great for experienced flippers who can handle the tight timelines and costs.Private investing usually involves individuals funding your deal, like friends, family, or networking connections.

He's an educator and does make money selling education, but like most of the others doing this, he began by doing deals.

This is the simplest method, but it also means your tenants are more likely to abuse the utilities by leaving windows open with the heat or A/C running, leaving lights on, ignoring the toilet that constantly flushes on its own, etc.3.