Insurance estimated at $7,000 annually and taxes around $10,000 annually. 

I am looking into tax lien investing.

We file K-1s for each cell at tax time.  

I guess the decision is do I want to pay taxes on the seed or the harvest. 

My rough strategy is buy SFH (older but (semi) recently remodeled B- to A- properties in good areas likely to continue appreciating and attracting good, trouble-free tenants) 0% down VA (may consider a small amount on second property, like up to 3% just to speed things along) and stay in it as my own primary residence until at least 10% of purchase price paid off and able to cashflow 300+/ month after mortgage, taxes, insurance and 15% set aside for repairs, vacancy, and maintenance (like I said, I'm not overly interested in rental RE, so I want to be sure it's lower effort and worth my time in return).

@Lora Krulak I may be biased, but having a competent real estate focused tax professional on your team is a big one.

I realize the net sale going into the exchange property needs to be at same amount or if below (cap gain tax will be on sale $ not used for purchase).Cheers!

@Marco Silva data: population growth, job growth, housing supply, landlord friendly laws, purchase price, anticipated rehab cost, property tax rates, insurance cost, is insurance cost rising quickly, expected rent, rate of rent growth, can someone with the median income afford the rent, diversification of the economy, quality of local schools, crime rates, is the property next door a dump, how many other people are bidding on the property, is there a Starbucks nearby, is there a grocery store nearby, are there multiple property managers nearby in case one fails.There's so many ways to find deals, to name a few: MLS, wholesalers, foreclosure auction, tax sale auction, doing your own marketing through a bunch of different channels like direct mail.

HelloAny tax savvy people / cpas out there want to help me out. 

Tax returns, no income even asked of!