I've been trying to hop on the real estate wagon for some time now and have been reading up to prepare myself to take the first step.I live in Carteret, NJ - roughly 30 mins (with no traffic) from NYC.

I management to find an off-market house, negotiate it below market value (in our hot market), and had it rented with $400/mo cash flow within 90 days of closing (old owners rented back for 6 weeks while they prepared to move out).  

I am about to have my taxes done and want to be prepared. 

If you are staying for a bit and are just preparing, you could refinance with as little as 5% equity with conforming.

As I am preparing to provide notices of a rent increase to multiple tenants I think I am going to approach it thus: if the tenant is on a month to month lease then they will receive a notice of rent increase with not further options of tiered pricing, etc.

An LLC might be a good option for buy and holds and other passive activities where you are not generating short term capital gains or short term income.I would recommend you consult a tax preparer and your insurance pro.  

They know their stuff & prepared you well - heed their advice on the test tips they gave.

We are preparing it for sale at the present time and brokers are telling me listing price will be $8,500,000-$9 million.

Fortunately, it's big enough (and we prepared enough before we bought it) to get it done financially.  

If you are in the right place at the right time and prepared to buy, you are the one that can make money.