What are your expenses compared to income?

Wife and I have high credit score and we are high income earners (her W-2 & 1099 for me). 

All told, your expenses are $1,333 per month and your rent income is $1,500 a month for a total earnings of $167 per month.If you divide your annual earnings by the amount of money invested, you'll see it's a 4% return.

Steady state, the property should generate about $12-13K in rental income monthly (I will likely live in the ADU to begin with, which would reduce the income of course).

Context: I'm entirely invested in low cost, diversified stock index funds, and I expect them to earn a~8% CAGR on a nominal basis.

I recognize we will not be able to offset active W2 income,  but if we do purchase an investment property that has some net positive cashflow, what are the types of tax benefits/offsets we can get? 

Unfortunately the lot is not currently worth much, the value was in the AHA rental income.    

I was thinking of getting licensed to supplement income.

I assume, I will have to open business accounts and use those to manage my business expenses and business earnings etc. 

@Braeden CobbBy using varied rental strategies, you can maximize the income potential of a 3-4 plex house hack.