You can also make your place more trouble-free by fixing things up front that are most likely to break (new light fixtures, light bulbs, door locks, etc.).

Totally! 

Totally agree with @Blake McWilliams to ask this question.

I can get $7000 rental income per month total.

Yes, I’ve got a mortgage on it now, but my cash flow went from only $1000/month to $2400/month and I picked up 3 more properties basically for free with no out of pocket cash to buy them. 

Your $80K HELOC can serve as the down payment, as most lenders require 20%-25% of total project costs upfront.

The list are getting the information, and whether I can get it for free.

I'll add on to what the other Ben said and mention that there are exceptions based on the # of days that you rent out your home to where the income/expenses are excludable (being lesser of 14 days or 10% of total usage if under 140 personal use days).

The calculation uses the following formula: Total Rent Potential x 75% ≥ PITI (plus HOA if any). 

-- We focus on verifying 2-year work history and verifying rent payments with last 2 landlords (unless in same property for 5+ years).3) MoveIn Specials: be careful with offering "free rent" as will just attract tenants with no cash.-- Try free TV or something else worth 25-50% of one month of rent.-- Or, what we do is offer the free rent AFTER & ONLY if they pay their first 3 months of rent on time to earn it.4) Lower the rent 5% every 2-4 weeks until activity picks up.5) Understand this is the worst time of year to find tenants.-- Starts picking back up end of February when this tenant pool starts getting their income tax refunds and aren't broke anymore.6) Section 8: where is the property being advertised?