WOW, thank you Andrew for your reply, it seems like if I purchase a brand new house, I will have to depend on the home price to increase and the chance is hard to predict.

Over time, as the mortgage interest declines, your net taxable income increases. 

I build vacancies into my expences and will rely on that ahead of increasing my risks. 

My goal is cash flow, and increasing units over long term.

@Andrew MerewitzState of LLC FormationIt is normally advised to create the LLC in the state that you will be holding the real estate; Florida in this case.If you created the LLC in New York - you would be required to register the LLC in Florida; increasing your total costs.Please also be advised that it can be costly to form an LLC in New York.Location of CPAThe important aspect of looking for a CPA is that he/she understands the taxation of real estate.Technology(emails, phones, skype) allows you to communicate properly through an accountant eventhough he/she may not be in the same city as you.Florida does not have a state income tax.

GDP growth -> job growth -> population growth -> price increases -> rent increases.

(And extrapolating, try to make sure that to increase its value to full ARV, you only need to spend 70% or less of the extra value you're hoping to increase it by.

Don't concern yourself with the increase over time , you will only set your self up for dissapointment .3.

Most have a tenant rep broker they use and connect you up with them.Cap rate is usually tied to location ( urban,suburban,rural), location and quality of the tenants ( national, regional, mom and pop), and terms of the lease ( primary lease term in years, level of lease guarantee, rental increases, any termination rights, disclosure of sales, restrictive use rights, co-tenant anchor clauses,etc.).You need a void analysis from a landlord rep leasing broker.

If you can cover that $155/month out of your personal budget and rental income from the other half of the duplex, you might decide it makes more sense to keep your first property running at a small loss for now and reap the other benefits of real estate: principle pay down, depreciation, future rent increases, etc.Especially when you look at what it'd cost you to sell it at this point.