I'm not a CPA nor do I play one on TV but if I had to guess, with no LLC, and $50k W2 job, all $40k would be subject to SE.

Most aren't selling because they see a bubble, and want to lock in their profits before said bubble pops.I highly suggest you use the BP Rental Calculator, and start playing with the numbers and see what numbers work for you.

You can also find someone to role play with.

Before using the shot I have now, I used a more informal one of me shaking hands with a good-old-boy as an experiment on this site to see how well it played.  

The latter could play out at any moment.The first 10 years of a 30 year mortgage is basically paying interest.  

No way I would pull a working fridge because there are dead roaches under it.

You get to use the tax money as long as you play by the rules.You're searching for a property that you can mix the use on - part primary residence and part investment.  

Mind you I hire people to do all my rehabbing but I'm a sixty year old lady with more money to play with than what you have.

@Raj Kumar I wont beat a dead horse too much.

I've always been against being far from my properties, but I feel like my playing field has been shuttered so to speak.