Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

Additionally, we have equity of approximately $145,000.Now, we are faced with a dilemma: should we sell our current property and purchase in a more favorable neighborhood, or should we rent the house and let it pay for itself.We would greatly appreciate any advice you may have.

When it comes to housing, the FHA rules apply in addition to those of your state/city.

You don’t get to just expense the additional real expenses.

That is an additional savings. 4.

However, note that claiming additional depreciation will increase, not decrease, depreciation recapture tax (up to 25%) when you sell.Key Considerations (Updated for 2025):1.

Additionally, a CPA can maximize child tax credits, rental property depreciation, and ensure compliance with reporting requirements for their 1099 income.

In addition to the interest of the loan, you'd also be paying this as well. 

I also want the seller to sign, just to add its own confirmation to the tenant's statements.

Additionally, trying to spot paint even a white wall with white paint doesn't work, let alone other colors.