Getting the federal return correct is the most important and with owning two properties, there could be some positive tax benefits.

If there's a family member or friend in a similar situation, and you can both align on the initial plan (location, home type, price, usage/occupancy, etc) you can pretty easily get a co-ownership agreement in place and even a joint mortgage.The benefit here is it might open up your ability to buy a larger place in a nicer area which could lead to a faster rate of appreciation and overall better living environment. 

And the passive loss rules may prevent you from getting a tax benefit if your rental deductions are more than your rental income for all of these options.David OrrTax Modern

My strategy is to hold it long-term, leveraging the steady rental income while benefiting from potential appreciation.

I faced numerous hurdles and stressful moments, but I persevered and built a successful approach.To tackle this challenge, I recommend starting early by building relationships and seeking investors.

I want to spread out whatever “wealth” we have into other properties that could potentially benefit us.

It will familiarize you with the basic terminology and benefits.

And quite frankly, there might not be a benefit of refinancing for a while.  

Expensive markets are often desirable because many people want to live there, driving up demand and prices.Reno, NV, for instance, is a market that benefits from diversified employment sectors, including tech manufacturing, hospitality, and recreation.

They will mostly just split their occupancy rates on multiple platforms without getting too much benefits out of it.