I like the strategy, if you can help someone get caught up on their mortgages it works for everyone. 

Not that being out of state affects the cost in that regard, but you may find it more difficult to properly vet a manager, especially when it comes to their attitude toward residents who may need more flexibility, compassion, and patience than in a market rate building.Second, and bigger, issue is that HQS inspections are a very real thing.

Here's what I've been doing: I'm allocating 100% of the mortgage interest and half of the property tax as deductible.

. $3500-3800/mo, not able to cover the mortgage. 

It is in the City of Atlanta Proper in a well established R-4 Neighborhood.  

My mortgage is $2200.

You really should get some professional advice on how to properly operate your LLC. 

For getting equity out of your current primary residence without affecting your current mortgage, you can use a HELOC or HELOAN that will go up to 90% LTV.

We can provide you with the contact information for three exchange agents who are known for being easy to work with and highly knowledgeable.If there is an existing mortgage debt on the relinquished property, it's important to consider how it will be handled during the exchange.

So having a proper cap rate will be important to determining how we can increase value.