The CG 's down the South Jersey Shore are expensive as heck and the finished product is mediocre at best. 

So you’ll have lower deductions in the future and owe all the taxes back if you ever sell without a 1031 exchange. 

The expenses are higher and there are limitations on how much your guests can use the amenities. 

What's your minimum ROI after all expenses?

When filling out the IRS SChedule E for a multi unit property, do i list each apartment separately or do i have to list it as a "property". 1 "property" has 4 units or apartments with different rental days and expenses, etc.

Your investing career will be determined by your ability to accurately predict variable expenses, vacancy, maintenance, and CapEx. 

One of the many advantages being classified as a “real estate professional “allows you to offset income with real estate “paper losses “ like depreciation and other expenses.

Some of our clients sell their portfolios in expensive markets like San Diego and reinvest (via 1031 exchange, or in your case it's not necessary) elsewhere.

That said, the expenses with this Tenant has made it not worth the cost and headache. 

Here's my situation:Debts$127K loan @ 16.99% for an investment property rehab - $1963/months fixed$50K Heloc against primary obtained when rates were low and has since adjusted to market (high) rate $36K (three business credit cards at diff rates, lowest at 22% apr)IncomeMortgage 1 income after expenses (primary carrying the heloc -) - $600/monthMortgage 2 income (also primary) - $ 162/month ( not enough equity in this to sell right away ($70k) but area is growing like crazy)Mortgage 3 income (investment) - $720/monthMortgage 4 income (this is the property the127k loan was taken against) - $856/month - This is the one i am considering selling.