Additionally, I can then sell that property later and essentially sell my old loan as a house.

On the tail end we had a pipe bust in the attic which flooded all the way to the ground floor, essentially destroying the new drywall, paint, and several light fixtures.

Tax savings through depreciation (whether standard or accelerated) are essentially a 0% loan from the government but it must be repaid when recaptured. 

Most importantly, I have two nephews (12 & 15yo) back home that I want to be around more to influence and help raise as their own parents are essentially unaccountable.

Having the income from the second unit essentially subsidized the equivalent of a $400-450k mortgage thereby saving me $200-250 on the purchase of our own place.

@John TeachoutThis is essentially what I was thinking.

Essentially rentals in Minneapolis are unable to screen new tenants?

My tax returns are essentially the same reporting as I would have if I generated financial statements, so I will use them as such if necessary.I actually have two PMs since I have properties in two states, but it adds no more meaningful complexity to my very basic spreadsheet layout.

I recently upped the rent to $900 so my cash flow will be good but essentially a year or so worth of profits will be wiped out by the repair.

Putting a washer/dryer in that closet will essentially enable you to rent to an individual or couple with the second room advertised as a den or office.