During escrow converted it to a Roth and paid the taxes.

If your bottom line numbers on tax returns and W2 income are not strong however, this will be an abrupt dead end.

Most places in Ohio can be profitable rentals... if you can stomach those property taxes!

I know I'm getting the tax benefits of depreciation, the minimal positive cashflow, and the appreciation on the property, but It's pretty much a long term play of slowly raising rents annually to increase cashflow, which will eventually get basically reset when my loan goes P+I in 10 years.

Hi Zhengyang,Conventional loans (residential) look at your personal income (like tax returns) while DSCR loans (business purpose) look at the rental income.

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

If you can rent it for $2,000/month, after fees, taxes, and potential maintenance costs, you’d still make a decent passive income.

I also wanted to benefit from tax saving before the years end with a new property purchase.

If you need an LLC for tax reasons later, you can move title into an LLC later for a couple hundred bucks.