Judging how the bottom of my jeans legs were shredded, it could have been a lot worse. 

Keep in mind that rental properties really don't add much to your debt ratio, or add much to your income, they tend to be close to debt neutral because of the rents offsetting the PITI. 

Thank you from the bottom of my heart for any helpful advice! 

Interest has eaten up 0.8%, leaving a 0.8% margin after interest.Clearly, bottom line profit margins are thin, but that is by design.

Here is the deal:Listing Price: $315kOffer Price: $305kFinal Price: $311k (closing cost rolled into loan)~2400sqft split between main unit and duplex (1200 main, 600 each in the duplex)Financing: Used a VA Loan through a local bank, after all said and done about ~$2200 for mortage ($1500 P&I, $700 escrow)Found off of Zillow, inherited 2 tenants in the duplex, top floor B (2br/1b) paying $850 rent, and bottom floor C (1br/1b) paying $800 rent.

Regardless, the bottom line is that your profit would need to be recorded as income on your tax return after you show all related itemized deductions. 

I suggest researching from the top down to the bottom which would be residential/apts that you manage yourself.

Bottom line, learn about the different strategies and you'll get to the point where you yourself will know which investment is best for you.

However some of these gaps are around 1/2 inch to an inch on the bottom level.

That being said, depending on odor there are other strategies to lock it in or neutralize it depending on the type of odor (acid/protein/uric/etc.).