Do you try to pay based on what you think the value the property is generating, prior to potentially gaining the upside?

I've been on the BP website and listening to the podcasts for quite a while now.

So many of the variables in your analysis would be people and their opinions on value and where the market is going.As you mention, after tax cost is a concern as your rentals may be generating taxable income however your rent is not tax deductible. 

I didn't have any real estate ambitions beyond renting out my first home, but when researching the rental process earlier this year I came across the Bigger Pockets website...

Because, I would appreciate their advice and input :)5-  Zillow and Redfin sort of places are a good start for hunting a place or do you guys use any other websites too?

I'm here to learn how to leverage that to generate more wealth and income for our family.

The sale generated the recognition of gain. 

We have a property in Memphis that is generating $7,000 dollars a year in net cash-flow (property is 100k).We want to buy another 3 properties free and clear BEFORE we refinance them, to group them together and LLC them.However, we want to know IF we can get a HELOC loan first from this property (or others in the future) BEFORE asking to refinance them?

His rent would only be the cost of PITI, so this would not be generating income, yet it would provide additional write offs. 

Check out this listing over by me, I searched the county website and the last thing that came up was the foreclosure, so this property had to been completely renovated by the bankhttps://www.zillow.com/homes/for_sale/fsba,fore_lt/house_type/32400378_zpid/90_days/globalrelevanceex_sort/41.223206,-73.988038,41.210131,-74.00823_rect/15_zm/