@Ane DeysI would not generalize all REITs as being equal and there are also a lot of private funds who did not go the REIT route as a reit, while having specific tax benefits is also required to be passive.

Those are the taxes, insurance, landlord-paid utilities, and mortgage.

It doesn’t protect you or give you tax write offs.6.

Tax Implications:If I use a HELOC for purchasing a rental investment property, is the interest eligible for tax deduction? 

Hi Jason,Here's a few things I'd be mindful of:Separate Personal and Business Finances - get an EIN, open business bank account and use it exclusively for businessMaintain Documentation - keep records of all business transactions and contractsComply with Legal Formalities and Tax Regulation - adhere to all state specific regulationsIn terms of the STR and LTR, it's generally recommended to put them under an LLC by transferring ownership or quitclaiming.

It currently cash flows $700/month after taxes, HOA, insurance, etc.If I sold, taking into account the costs to sell, I could make between $390-$440k in profit. 

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).

We really want to try to get our Real estate professional status for tax purposes.

Remember all your investment in repairs can go into your business costs for taxes. 

My thinking is that a house for me has little tax or financial benefit while investment property does.