However, we have a law here that limits your tax increase per year to 5% (there are some other items that can trigger an exception, but they're easy to avoid).

That doesn't trigger any tax implication other than establish your cost basis.  

In that size range right now good deals are very hard to come by and I can think of very very few that will take a non-acred because it increases the risk by a lot in terms of compliance etc. unless they really do know you well.The metrics given really don't mean much I can make any old thing go to 16% IRR, the important thing are the items behind it.

I've yet to do a deal but plan to pull the trigger by the spring 2020.

Will keep doing the research and pushing numbers until we feel comfortable pulling the trigger!

You might want to talk to a lawyer to make sure you stay in compliance with respect to bringing on investors.Can you give us a rough indication of the deal and your plan?

SEC 8 REALITIES SEC 8 tenants have to have a job unless they are disabled.No adult on the SEC 8 lease can have a drug or felony conviction.When a SEC 8 tenant gives their landlord notice that they plan to move, SEC 8 sends a form to the current landlord giving them 10 days to respond saying the tenant is or is not in compliance with their lease – IE – owe any money for rent or repairs.

Hey guys,I'm about to pull the trigger on my first property.

Consult a financial planner though to make sure you don't trigger any taxes on the depreciation also.

Understanding what will work in terms of profitability and what will not has given me the confidence to "pull the trigger".