In that case, you would have no cash in your pocket but get tax bill.Assuming you are using an LLC or a sole proprietorship, you pay the taxes on net income when you pay your personal income taxes.

- @Max Ferguson Definitely eager to start with something relatively simple to get some skin in the game and learn firsthand.

I have a team of 5 that spend the entire day sourcing deals for my investors.I would say you should connect with a good agent that can show you the ropes and provide you with the right resources to learn the market fast. 

As a result, a cost segregation study will identify tangible personal property that qualifies for bonus depreciation, thereby saving a significant amount on taxes.

I don't even have my own personal residence yet (live with my parents, and proud of it!).

Specifically, I’m interested in learning:-How you structured the financing (e.g., terms of the HELOC, overall investment strategy).

I'm in Chicago, but my partner @Bolanle Ogunmakin is also in Atlanta and might be a good person to connect with.

Rare is the person with 4 pets going to keep your place in good condition. 

Should I submit the package in person instead?

Assuming it is their personal residence for 2 of the last 5, the best thing would be to sell it from their name.