Correct - Track all your income and expenses.The bookkeeping will determine whether you are profitable or not.it will also be good to compare from year to year your income / expenses to see what expenses you can potentially try to limit.I.E.

 @Puneet Mahi as others have stated, I would do a deep dive on the markets inside each state to determine where you could have an advantage AND where your family would like to live.

And then drive and determination and money set aside to live on while you ramp up.

We determined the ARV, estimated our rehab, decided on our required profit, and then negotiated on the purchase price based on that data.

Sellers apply market cap rate to their in-place NOI to determine their ask price.

Right now, my best advice is to determine first your exact investment strategy (long-term appreciation?

I would do some market research on top-growing cities and determine which of those cities are within your price range and cashflow goals.

I recommend starting by contacting the county’s property tax office to determine if they are open to discussing or reviewing an appeal for property taxes.

Without having much info, I would need to know the financial situation of the 'close family' to determine a best approach.

I would have a conversation with the tenant, and then after that if you determine that’s in your best interest and theirs to seek out a new tenant give them plenty of time and make sure you leave amicably because in case you get more rentals and they are looking in the future, I have a higher income that relationship is sure to last, which means that you have guaranteed business in the future.