I can give some additional feedback in the coming weeks. 

@Tinia James Yes, you should still file taxes even if you made no profit, especially if you incurred any business expenses.

In both you are now paying taxes on an additional $1K/mo.

Additionally in terms of a GP/ LP relationship, would preference of LPs create the same dynamic in choosing one GP/Sponsor investment over another, if all technicals and numbers are the similar between two investment?

This would depend on whether your property is overvalued by the tax assessor and in turn you are paying additional taxes on that additional valuation.

I think they contain solid information and will help lay a good foundation as a beginner (Haha, I'm completely new to real estate as well, btw)I'm also going to be reading the following books, and hopefully I can finish all by the end of this month:1) The ABCs of Property Management2) The Advanced Guide to Real Estate Investing3) Long-Distance Real Estate Investing How to Buy, Rehab, and Manage Out-of-State Rental Properties (this might be the most important one to me personally)4) The Book on Investing in Real Estate with No (and Low) Money DownIn addition to reading, I'm consuming crazy amounts of youtube videos, and I'recommend you do this as well.

I'm unsure if you would be able to combine both loans given that the HELOC is tied to a different property than the one you got traditional financing on.A work around is if you are able to purchase the new property with the HELOC at a significant enough discount, bring the property value up via renovations or additions, then refinance the property, pulling out enough money to repay the HELOC. 

These will be LTRs and I will most definitely be playing the long game with these.In addition, as rates go down in the future (hopefully) I plan to refinance as most of us do.

Second, I'd connect with some local hosts in your area also in addition to Airdna.

Quote from @Chris Seveney: Quote from @Devin James: In 2021, we saw buyers upgrading to larger homes, taking advantage of 3% interest rates to afford an extra 300+ square feet.Today, smaller homes are selling much faster as higher rates make additional square footage less affordable.While rates are historically average, I don’t see them dropping significantly.