I wrote an entire post on how to file your tax returns that so that they are more friendly to lenders you can read HERE. 

This is rarely the case for the following reasons:In 15 years of doing residential and commercial real estate, I have never seen an investor sell a performing asset. 100% of the time of the investigated properties, they were losing money.

Good news, you may be able to take accelerated bonus depreciation / expenses repairs immediately and get a tax advantage from thisBad news, you still need to deal with this issue from tenant/PM.I found this thread from @Bob Beach helpful where he shares some read flags on property managers. 

With your $50K in debt, use the cash flow (keep some aside for taxes) to pay down the debt as well as any other money you can (assuming it is a higher interest rate). 

However, you should also consider the cost of adding an extra bedroom and how much could you increase your rent for + how long will the money be returned back?

"As a third-party online payment facilitator, Innago is required to collect tax information for any taxable entity that receives more than $600 in payments.

On the other hand, there appears to be a lot of money looking for deals.

Which would have kept more money in my pocket.

I’ve considered Texas but I’m not a fan of the property taxes.

If during the tenancy you decide to switch bank accounts to hold the deposit, you must give the tenant notice of where the money is being held within 30 days of moving to the different account.