Hypothetical numbers... if we had $50,000 of "extra" depreciation after accounting for all profits in our real estate, could we then use that $50,000 against $150,000 of income from our insurance business?   

We made a a profit on the house, which was minimal mainly due to paying a little too much but still proud of fixing it up!

A good Realtor should know the market well enough to help guide you towards the potentially profitable areas. 

So it usually seems IMPOSSIBLE to find the time, energy or money to pursue it further, but we have both decided to dedicate ourselves towards the long-term goal of transitioning into successful, full-time investors.

How can I go about successfully getting the FHA loan and making a profit on the apartment?

The advice I see is that you make your money going in, I have my eye on something and I have my final offer in mind, but my two cents is as long as the price allows you to profit...Never go over....GOOD LUCK!

I want to use a portion of my LLC profits to purchase real estate.

Based on your strategy of buy and hold, I'd certainly focus on the property management side of things as it's the toughest part of the business.My second choice (if you were going to flip at all and manage your own rehabs) would be something construction related.I routinely beat my competition on deals, profits, etc strictly because I'm a licensed GC and know the condition and numbers better than they do.  

It's tough when you are trying to be efficient and drive profits. 

I always suggest looking for "pre-boom" cities that are crawling with investors just yet.Try looking at:The Best Types of Markets for Profitable Turnkey PropertiesandWhat to Ask When Working With a Turnkey Provider