Quote from @Devin James: Im currently learning this lesson with New Builds that have taken twice as long to complete than anticipated.....Finishing a Real Estate project ASAP is critical because...1) Holding Costs add up quickly- Loan Interest- Property Taxes- Insurance2) Investor Capital- Our financial projections are dependent on how fast we can turn our investors capital.

(gross rents $4900; 8% PM; mortgage+insur+taxes = $3600/mo).

They are so tax beneficial! 

You do not need to provide tax returns, W2s, paystubs, etc.

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.

Are you able to use it easily, only with a HELOC.If you lose your tax deductions, then Uncle Sam is happy to take more of your money each year.Good Investing...

During escrow converted it to a Roth and paid the taxes.

I have a followup question - I will realize a lot of capital gain from this home in Idaho, so I think unless I purchase a new primary residence I will have to pay that capital gains tax. 

I'm assuming you are arriving at your cash flow number by applying Gross income - cap ex, maintenance, utilities, vacancy, tax, insurance, mgt, landscape/snow & Debt service?

You can use it as a downpayment on a property over $450k and use leverage tax free.