@Christopher Smith, can the acquisition fees (trip to buy properties, closing cost, etc..) be included into the depreciation tax deduction?

Long term partnerships tend to get messy include the one next to you, but a good communication between partners always helps!

About 90% occupied currently.Price: 550KMonthly/Annual: 8100/97kNet Operating Income: 49kLet me know if i am not including any information!

Can you include projected rental income from the new property for the FHA loan (it was included on my first FHA mortgage I believe)?

He already has an LLC and wants to add this property to it, but he wants to include me under contract stating the percentage of ownership, etc. 

I've included some pics of what we have done in the past.Please share some remodeled bathroom tile pics - I need inspiration!

You could put $25K down on 4 $100K properties.You cannot exchange into improvements on property you already own so in order to include significant improvements in your 1031 you would need to do what is called a reverse exchange.  

But now looking at numbers, it seems to me that it might not be best of the options, as it is currently providing cash on equity return of about 2.4% (long term appreciation not included).

Most comps were in the 610-660 range for a house this size. 2970sq ft including the finished basement.

It's not "free" to sell a home, it's not just the realtor fees but getting a home "sale ready" is often different than "rent ready" and that doesn't even include potential for vacancy expenses and holding costs during the sales process.