This reduces exit options and affects the value. 10) Small number of small units is the most expensive residential development there is.

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

The problem is that your debt payments are going to basically wipe out that $400K profit unless there is room to increase revenue or reduce expenses.

When you charge under market rent, the IRS deems that you do not have a profit motive and, therefore, disallows all rental expenses. 

They’re too expensive and frankly create delusion. 

Figure out ways to offset your living expenses or buy properties that you can add value to and then trade up within 3-4 years.2.

@Marc Zak Using an LLC for each property provides strong liability protection by isolating risks to individual assets, with income and expenses flowing through to your personal taxes on Schedule E.

Is it high appreciation area with a low rate mortgage?

IE - when you're young and poor (low tax bracket), contribute as much as you can to a Roth. 

I use it for expense tracking (which is great) and have been transitioning to rent collection/cash management.