If you decide to sell, you will only have paid a little more in interest over the remaining time that you are in your home.   

Once I refinanced, I paid off the credit card and kept the property.

Rents continue to climb as well but likely not enough to keep up with increasing monthly mortgage payments when considering interest rates and soaring property values.There are 2 main schools of thought when considering investing in an expensive market like Long Island.- Robert Kiyosaki, Grant Cardone, and similar thinkers believe its best to invest in markets with higher cashflow while renting where you want to live.

This is my personal opinion, which probably won't be popular.If you are worried about the cost of hiring an attorney to create a proper operating agreement for your LLC, you probably don't need an LLC, and if you choose to use an online site to create an LLC, you probably get the protection you paid for.

My wife and I both have jobs that pay over 6 figures and our monthly living expenses are only around $8K. 

I know a lot of investors have done very well in Peirce County but I just haven't learned or know enough about that market to make an investment there.Washington state properties are expensive and can be difficult to make breakeven let alone cash flow at this moment due to the combination of high prices and interest rates. 

Depending on the type of commercial you want to get into my suggestion is to go work for a company that does commercial real estate as learning from people who do it and getting paid at the same time is not a bad strategy 

So same thing I paid my monthly payment to my bank and kept the rest.

Yes, there will be more expenses above what's mentioned here but if this is done properly it can be kept to a minimum.

Also why are you deducting 50% for expenses?