Worse case I just continue to manufacture them through my fix-n-flip business and buy with seller financing where available.Also, is tax lien investing really viable today? 

Add another $300 or so for taxes and insurance and you're at $2465 PITI. 

I would also share pros and cons of paying taxes on the windfall versus owner carry.

Hi Zhengyang,Conventional loans (residential) look at your personal income (like tax returns) while DSCR loans (business purpose) look at the rental income.

Some thoughts to consider:If you sell now, you are unlikely to pay capital gains taxes as your first 250k (500k if married and filling jointly) aren't reported.Doing your first rental remotely is undesirable without 1.)

No problem.. what I did with my ridgeland and Madison rentals and I had bought 12 new builds for the Gozone tax bene's post Katrina..

No management costs as it would be self managed, and estimated property taxes by the average of the past few years.

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC (you can elect to have a LLC taxed, as a S Corporation which is a whole other conversation).If you want to close in the name of a LLC, Mortgage Lenders will offer you Commercial Loan Terms (25-30% down, a 15-25 year amortization, and a ballon due in 5-7 years).

For several reasons (property taxes, politics), I would prefer to begin real estate investing somewhere other than locally. 

@Brice Alef-Torrisi putting each property in its own LLC is usually overkill.Getting a bank account for each LLC is typically something you need to do to avoid "piercing of the LLC corporate veil" (actually depends on tax selection you made for LLC), but is also overkill.You haven't indicated how you are holding the deed for the latest property.If in your name or same LLC, you don't need a separate bank account.If in separate LLC, you can create a Master LLC, have each property LLC hire the Master LLC to manage their affairs, and just get a bank account for Master LLC.This is an opinion, not advice, so lookup CPA Frank Alcini in Troy for expert advice.