Think about it like this: Anything that is an increase in wealth is usually taxable.

It's still worth a try if you can find it.Also, I love househacking too.

For what it is worth I had a client cost seg their AirBnB in Gaitlinburg and it reduced their taxes owed by 26K. 

We would like to get started with our first rent home, but with the market in Dallas-Fort Worth, Texas I am having trouble finding good margins.

interesting  ...you are  increasing your  1st mtg  by 1.3%  in order to  obtain the  HELOC ?   

There is a lack of new building and with the Tesla semi-truck factory opening next year the pressure on the housing market is only going to increase.

Depending on where you are investing you may have seen 100k increase or even double.

Just wanted to add that Raleigh rents have increased so rapidly over the last 3-5 years that I don't see that continuing unless wages rise significantly. 

And whether or not it will directly correlate to increasing your income, ehh a little debatable.

You also mention the low fee of $50 / month for HOA fees and though it may look very cheap on the surface, you have no idea how the communities financials have performed over the last few years and you may have HOA fee increases annually.