If you own one rental, you are part of the exclusive 6% club.

Hiring unlicensed and uninsured contractors is considered  an exclusion under most property insurance policies, meaning you could be giving up that benefit as well.

We’ve since learned that scouting friendlier permit offices not only speeds up timelines but can also reveal unique neighborhoods with underappreciated potential.Chris: Are you planning to focus on Gilbert exclusively, or do you see yourself venturing into other Phoenix areas soon?

So while moving back into it for 2 years does bring the 121 exclusion back into play, that exclusion is reduced based on the percentage of Non Qualified usage over the holding period.  

Also, most Umbrella Policies only pay out if your underlying policy pays out, and the underlying policy will do everything they can to find an exclusion or that you were negligent (which you probably were) in the cause of action to get out of paying the claim.

@Angelo LlamasAt the bare minimum, you should do the following to make your bookkeeping easier:- Dedicate one checking account and credit card exclusively to real estate.

Unfortunately, many of these companies that do property management and brokerage services include exclusivity clauses in their contracts which I don't think is right.

I invest almost exclusively internationally but I would generally never invest in long-term rentals, unless the rentability is very high, which it almost never is.6.

Sundays see if they need Sunday newspaper drop off.  

Your income isn't high enough for it to make sense as a rental and the closer you get to your residence limit the greater pressure you will have to sell it before losing your exclusion in whole or part. 500k right now can make $15k per year income with zero maintenance or tenant risks.