Cutting your top-line income will cut your bottom-line profit by a disproportionate amount, i.e. if you reduce your rent from $650 per door to $550 per door, that means your top-line goes down to $1100 and your bottom line goes from $350 to $150. 

It would be awesome if the condo would even cash flow giving us some passive income (ok not completely passive as I understand it is a lot of work but my husband is medically retired and has all the time in the world!) 

In my experience Every scum sucking crackhead with a pit bull needs it for medical reasons related to their ptsd they suffered in their past .

I live here and I'm familiar with Lake Nona.. be advised that there is a lot of high-end investing there, mainly because there is a massive medical park going in there.

If you can't sell it within a few days to solid buyers then your price is probably too high and you can reduce it. 

I started a website laying out my systems hoping to pay it forward so those could learn from my  mistakes and not experience the same thing.I have found that "really" treating the houses like a  business with a 14 page lease and being super specifics has reduced a lot of problems.

If you didn't have a partner, i would suggest to definitely apply your commission directly to the deal by reducing the proceeds to the seller.

This will reduce your rental income and may even generate a rental loss.The article below provides a good overview.http://www.nolo.com/legal-encyclopedia/tax-issues-when-renting-out-room-your-house.htmlCongrats on the first property!

If the value is more than that, the excess reduces your parents lifetime gift limit.  

Equity costs you money...unless you access it, by selling the property (then you're starting all over again), or refinancing (which gets part of it out, but may increase the cost on the property too high and make the little "cash out" you get at closing not worth the cost each month in reduced cash flow.Try this.