I want to further expand my knowledge because I dont understand much of real estate terms, taxes, and everything in between. 

With individual LLC's you can handle your taxes on your own. 

Living in the home for a couple years before selling could also provide some tax benefits.If you decide to sell the land with just a foundation, it may be more challenging to find a buyer willing to take on the project of building a home from scratch.

Maybe we can learn something from each other.One thing I am learning/going through right now is taxes and what comes with that.

My tenants are asking for my personal address for their taxes...I have only 1 property and am very new to being a landlard.

It's a cool way to learn, build equity, and score tax benefits.

I have recently consulted with both WealthFactory and Wealthability regarding tax and wealth planning.

That sounds like capital gains tax on $63k-$113k depending on sales price and closing costs. 

You'll also need to consider ongoing costs like maintenance, taxes, and possibly financing. 

Yes, he's gotta report that rental income on his taxes.