@Jordan BrownWith $50,000 saved and no debt, you have a strong starting position for real estate investing.

If you don’t comprehend what he’s saying (you Brittany obviously get it) you have no business being an investor.  

I'm not an attorney but to me this offers no benefits.

(Sale price - selling costs) -(purchase price+ purchase costs)- renovations = taxable gain. 

No need to respond, we can agree to disagree. 

I am a general contractor but no longer work on other people's projects.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Go ahead and file.In real life it costs you time to figure it out and money.

Your property manager should be supplying monthly reports and year end PnL reports that you give directly to your CPA. 

I tend to say no to the wind, but look at costs vs coverage and the language used.Best of luck!