These checks are after all closing fees and the remaining mortgages were paid off, meaning it's my profit.

We have tried brainstorming everything from purchasing the Phoenix home and keeping the mortgage as is in Washington (essentially a family estate), renting it out and using that cash flow to pay for the Phoenix house and trying to break even that way.Thank you for reading this and taking the time out of everyone's day. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Can you still afford to lose $1500 per month with another rent/mortgage payment too?

My advice is to stay out of Wisconsin Dells proper. 

Mortgage-backed securities were not a common household term, yet the collapse of the housing market and the onset of the Great Recession sent shockwaves through our industry.

When you deal with a Lifestyles Mortgage Company you are dealing with a boutique business.

Yes, it is typically normal unless there is an agreement with the accountant where you will pay him to go through all your receipts, sum up the amounts and categorize them.It is confusing from your post because it seems like originally you mentioned not having your income and expenses properly categorized but in the end you mentioned providing it to him.

Think of home ownership without mortgage burdens as a way of making extra money through rent payments every month.

I would also qualify it on no damages that exceed the security deposit.Hopefully you have detailed pictures before renting, and is a good reason for regular inspections to check that HVAC and other equipment is functioning properly, and allows inspection for damage from leaking roofs, etc., as well as tenant damage.