Everyone gets in expecting easy cash flow, appreciation, and passive income.

How do you tax thin air.

An LLC is really a partnership that has been given the same liability protection that a corporation gets BUT they get pass through tax status. 

@Fulati PaerhatiA 1031 exchange is a powerful strategy to defer capital gains taxes and grow your rental portfolio.

I planned on using funding for investing with the rental income. 

I have a template that I use that includes projected income and projected expenses and I run the calculation myself, but if you like ones that do it all for you in addition to what has been mentioned above AirDNA has one as well.

Interest income is interest income, unless you decided to roll some of the current cash into a self directed IRA at which point your interest income would be deferred for a later time and allow your funds to grow tax free.

Yes, property taxes are higher for investors but not terrible. 

Any guidance would be most appreciated, so we can be better prepared for our tax returns next year.Thanks so much for your time !

Figured there would be a few data points left out of the equation' that I would need to circle back with :) .There are additional units not rented at this time which could be rented to increase the income.