In other good news, your interest expense will go down every year and hopefully your rent will go up every year.

First timer here, I live in Seattle, WA houses here are too expensive to make a mistakes for first timer, so I am considering start small from more affordable areas, like Detroit Metro Area or Cleveland, or maybe other locations more seasoned investors can recommend. 

I assume you put in all your expenses in Quick books?

@Kent SmithYour CPA is wrong - you can deduct operating expenses against rental income to get to zero.If you have a net loss after this, that loss is NOT deductible and will be carried forward.Review Schedule E and it will clarify how this all works.Schedule E go to IRS site and take a look and also review instructions.Good luck.Arm

So I was buying repair items for my rental at Home Depot and I forgot and used my personal debit card...is there a simple way of expensing the items and paying for them out of the business account AFTER the fact? 

The things you need are very formulaic, and most competent real estate attorneys can do these very cheaply, in the hopes that if you ever have a "more expensive" need, that you'll contact them for that, too.Congrats on getting up and rolling, and best of luck!

Questions I'd have if I were in your shoes would be based around how the CAM expenses, management, taxes etc are going to work. 

If we pay my kids to set up a website and deduct those expense as rental expense, what kind of tax my kids need to pay?

I think our average tenure is over 5 years and I figure a turn over will cost us on average 5k.

You can also consider out-of-state if your primary market is too expensive