You want an investment that pays for itself, including mortgage, taxes, insurance, maintenance, and even some money set aside for a reserve to cover vacancies and capital expenditures.

@Brice Alef-Torrisi putting each property in its own LLC is usually overkill.Getting a bank account for each LLC is typically something you need to do to avoid "piercing of the LLC corporate veil" (actually depends on tax selection you made for LLC), but is also overkill.You haven't indicated how you are holding the deed for the latest property.If in your name or same LLC, you don't need a separate bank account.If in separate LLC, you can create a Master LLC, have each property LLC hire the Master LLC to manage their affairs, and just get a bank account for Master LLC.This is an opinion, not advice, so lookup CPA Frank Alcini in Troy for expert advice.

For several reasons (property taxes, politics), I would prefer to begin real estate investing somewhere other than locally. 

First, there are about 6 states that I refuse to invest in because of their tax laws and what I consider to be an unfriendly business environment.

In some cases interest paid on the HELOC can be tax deductible if the funds are used for home improvements.Best of luck from Fort Worth! 

I’m sure you won’t be verbally assaulted about how greedy you are Basically they were gifted $60-$120k tax free. 

While we don’t have state income tax here we do have the hurricane tax that comes with high insurance premiums and little real insurance benefits/help when it’s needed.

Some thoughts to consider:If you sell now, you are unlikely to pay capital gains taxes as your first 250k (500k if married and filling jointly) aren't reported.Doing your first rental remotely is undesirable without 1.)

After collecting tenant pass-throughs for the year, do you pay the property taxes at the end of the year or the beginning of the next year?

.: Stessa isn't good for keeping track of tax deduction items.Stessa was designed to just look at P&L.