Bottom line is that any consideration you receive for the property you sell represents gain and you'll recognize tax on the profit. 

Rents are about 1350 - 1500 for 2 bed 1 bath units.

Overdraft is basically a line of credit attached to the account. 

The most common way to reduce closing costs is to have offered $Xk more for the property, and ask the seller for $Xk in seller credits towards closing costs, or just get the seller to pay for certain line items. 

@Nick MulliganI used FHA.... the PMI is an expense but down the line can refi out of the FHA loan. ideally plan on living next to your tenants and know what tenant class you are getting into 

Ask yourself how much money you're willing to put on the line to get $100/month back. 

Treat it like a line of credit, the amount will obviously be rising.

We parlayed up until we have a nice, paid for home and now use the line of credit on it to buy flips.

Here's my experience with these things:We had a tenant flood a house trying to install a water heater pressure relief drain line.

It really should be recorded but we are a little more loosey goosey with things since it is a line of credit and is paid on direct draws.