I know this because I have 5 two bedrooms there.You could have possibly been lucky to break even in 2023 but now that HELOC on your primary home that you used as a down payment for your cabin is calling at an even higher interest rate than you planned on because the cash flow wasn't what you thought it'd be so it wasn't paid down as quickly as planned.

Hi Michael-Great question and an important skill for investors to understand.I recommend the ABC's of Real Estate Investing by Ken McElroy and Ken's YouTube Channel.If you are an investor, I recommend finding and using a good property manager for your properties as soon as possible to maximize your return on investment and make owning as passive as possible.A good property manager is a key part of your real estate investing team.Get them involved early in the underwriting process of a potential acquisitions and the planning for adding value.To Your Success!

Sure, it's a bigger upfront investment, but it could pay off nicely, especially if you're planning to move there eventually.

Are you planning to sell your primary in the near future?

If they don't sign the renewal they have other plans most of the time. 

That is a retrievable amout to me but I do not plan on quitting my job. 

I now have 9 doors (including where I live) and plan on buying more. 

All things to consider. 5) how do you plan on managing the property?

Our original plan was to build wealthy by holding this property for 10+ years but now we are thinking 200K tax free is sounding pretty good.

Consult with a tax professional familiar with your state's laws.The Biden Administration's proposed FY 2024 budget includes the creation of “capped deferral” for 1031 exchanges.