Say you bought it for $200,000 and sold it for $250,000 and they put $50,000 down.Your basis is now $150,000 and the principal payments that come in from the borrower will continue to lower your basis and the interest payment is taxed at ordinary income rates.

Even with $0 down I may be able to cover the mortgage with BAH from the military but then I'm concerned about all the other costs (CAPEX, PM costs, regular maintenance, taxes, etc.).

Tenant could not pay taxes and had to give him a break on rent. 

I've been involved in many lease transactions, as well as managing properties occupied by both state and federal agencies.

Landlord friendly, low taxes, job growth, and close to all the recreation of lake Tahoe. 

Where does everyone find taxes, vacancy rates, expenses, etc.

I'd add to that--depending on what you do with the profit and how you handle any taxes.  

These lines of credit generally have 1-2 year renewal periods and require you to send the bank your tax returns and possibly personal financial statement on an annual basis.In my experience "HELOCs" are associated with your primary residence. 

We just started the process of creating an LLC so we can can track finances and submit for tax purposes.

And does anyone know if there's any tax we would pay, since we're selling at a loss?