This is a physical asset, not paper, and it's providing consistent income.Albeit for your not understanding tax laws and depreciation, I'm wondering why there's a question as to what you should keep.You understand capital gains, but I'm pretty sure you're not familiar with depreciation and loan paydown.

Larger cities offer better infrastructure, such as international airports, interstate highways, and a broader talent pool, making them attractive to businesses and tenants.Avoid Rent ControlRent control laws can hinder your ability to adjust rents to match inflation, limit tenant screening, and complicate evictions.

There are a lot of good things about Wyoming LLCs, but the favorable Wyoming laws don't matter as much because the state you are in will apply the laws of the state the property is located in. 

The reason is that one wants to be able to properly avail themselves to the laws and protection of the corresponding state where the property lies.

STR is another concern, many towns have laws against it but most towns do not enforce these laws, just make sure you are aware of them becuase they can be enforced. 

It is hard to really keep up with those kinds of trends unless I budget 10k a year in updating the property which I am not going to do.I participate in our local council/mayor meetings.

@Grant Shipman Great stuff, I'm a big fan of co-living/rent by room strategy, and I do it here locally in Denver metro, and it is the best strategy in today's market for any house hacker to live for free or make money while living there, but they have to sacrifice personal space.

As with anything related to income tax, the money is in the details of the tax law.

There are also some locally I think through the AAR, I would reach out to them but if not I am happy to help!

Lenders will want to see the filed Articles of Organization, an Operating Agreement that you can get from your attorney or, if you're brave and it's just you on the LLC, some people use Legal Zoom or Law Depot.