I would be very surprised if this was accurately done.That means you are cash-flow positive after depreciation of $1,666 per monthIf the return was filed, you may want to pay another accountant to look over the return to see that it was done correctly.Yes, buying another property, given today's condition of high prices and high interest rates would likely decrease your rental taxable income.

Given my credit is terrible but I only want a small amount of money what kind of rate do you think would be fair?

Review the seller’s maintenance records to identify any existing issues or potential problems.Do your financial analysis to factor in the current rent, estimated vacancy rate, maintenance costs, property taxes, and insurance to determine the property's projected cash flow.

I don't want to move the property to an LLC right now since I am looking for a refinancing opportunity when interest rates go down.

Will the renovation bring in a higher rent rate and pay for itself?

.- An acceptable market entry range with factors such as the property price, down payment, and interest rate considered.- Do I enter immediately when I am financially ready, or should I wait until I’ve reached the projected savings allocated for this venture?

But if it feels like it's bleeding you dry and you are in a place to hold it to wait for either rental rates to go up or for the appreciation to build a bit more, then yes, I'd go ahead and sell.

The mortgage payment is based on the interest rate and term. 

It's crucial to understand the financials and market trends to gauge the potential value of a property accurately.One key aspect is the cap rate, which is a big player in determining a property's value based on its income compared to its price tag.

@Anna BuffkinWhat are the typical interest rates and terms you're getting from this lender?