You can also meet contractors, handymen, subcontractors and other service professionals should you guys decide to do some rehab projects to build up some more capital.Feel free to reach out if i can be of any help, best of luck to you guys!

Marvin There are so many things to consider, the way I will go about it will be by acquiring a debt weapon, home equity line of credit maybe for 20,000 and use that to pay down your principal there are some good youtube videos that will explain how to pay down your mortgage faster and save thousands of dollars in interest, but you need to have at least $500 of cash flow each month for that to work or use that to pay of a car payment faster anything that will increase your debt to income ratio so you can start saving more money each month cut down your monthly bills pay off all credit cards anyway you can i will try to get out of any car payments sell the cars buy a use one before selling the house, rent a room is a big house. obviously like i said lots of things to think about do you have kids so maybe a roommate wont work and your finances with out looking at them is hard to plan but I will try to make that house the investment get created if you have good credit that’s exactly how i started i hustle pay down my principal using the HELOC technique and when my equity become more because of lowering the principal I call my lender and increase my HELOC amount to the point that i was able to buy a house cash using the HELOC my HELOC became my checking account and i was paycheck parking all my income in the heloc is hard to explain what i did in a text but i hope this help you in getting created and into looking at more information before you sell or selling is the best way to go about it.

I am excited to connect other investors and real estate professionals in my area... and others in the virtual BP community. 

None of this is legal or tax advice, just some things to consider when speaking to a professional who understand specifics of the state. 

@Karen Higgins Short answer: If you OR your husband are not a 'real estate professional' then unfortunately there is a limit to how much of the passive losses created by depreciation (accelerated or not) can be used to offset your 'active' income.

Then surrounding yourself with industry professionals that can help you get started.

I recommend that you work with a qualified tax professional.

Ignore my profile picture, I do not have a recent professionally taken picture.

@Alex Deacon,Thanks Alex,  the one thing I can say is talk to a trusted mortgage professional, because every ones individual situation is different.  

Effecient and professional.