The daunting thing could be zero rental income for x months. 

Hi @Barry Randall, being creative by applying room renting will definitely boost your rental income.

Investing in Florida, especially in Tampa, is a fantastic idea due to strong population growth, high rental demand, and no state income tax.

On the other hand, probably lower property costs there vs other locations.We've looked at a couple locations on the OR coast, but as a WA resident adding the OR income taxes have made other locations more attractive for us.

If the properties are split into more than one LLC, then each LLC will need its own accounts.Checking: collect all income here, then use it to pay bills.

The rent is your income on your investment business. 

The "2 of the last 5 year rule" in U.S. real estate allows homeowners to exclude up to $250,000 ($500,000 for married couples filing jointly) of capital gains from their income when selling their primary residence, provided they meet two criteria: they must have owned the home for at least two years and lived in it as their primary residence for at least two years within the five-year period ending on the sale date.

I didnt know we got ANY E55 AMG saloons in the states....good to know.As an ex race car engineer and ferrari challenge mechanic I spend some of my income on cars.

However, the money I’d save by not paying $3500/month mortgage is $42,000 after 12 months – thus recovering the money paid on the capital gains tax.QUESTION: would you advise selling the rental to pay off the new home and take the $1400/month rental income loss (and gain $3500/month savings) or would you advise keeping the rental?

Hello members, I am a first time investor recently moved back to Michigan, my focus was primary residents and after moving back, I had to rent my previous house out in New York which is producing some good income.