That's 50k a year gone and you are losing tax write-offs and equity potential.

Almost every REMIC is in violation of it's tax status.

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC (you can elect to have a LLC taxed, as a S Corporation which is a whole other conversation).If you want to close in the name of a LLC, Mortgage Lenders will offer you Commercial Loan Terms (25-30% down, a 15-25 year amortization, and a ballon due in 5-7 years).

There are some programs through local government systems where you may be able to receive a tax abatement or grant here in Michigan in an effort to help beautify a neighborhood.

Areas near oil production hubs could experience economic booms, creating localized opportunities for real estate investments.Beyond these broader economic initiatives, Bessent has been vocal about extending or even expanding the 2017 Tax Cuts and Jobs Act (TCJA).

You need to have the income and tax liability to support the depreciation.

You and Him are filing one joint tax return. 

If you decide to sell and find an investment property with a greater cash flow potential.A 1031 exchange would allow you to indefinitely all of the tax and use it to your advantage to reinvest into larger nicer property/properties.

After listening to hours of the different BP podcasts, I decided to just go ahead and join so I can have more community for guidance and learning and moving towards my first deal.

I didn’t see your location in your profile or your post, but assume at least 17% state/federal taxes leaves you with $10k/yr.