When you buy an apartment complex you look for ways to increase that NOI which in turn increases the value of the property  (AKA forced appreciation). 

And how big of a DMM list you think is good to start with to increase my probability of a getting a response and getting quality leads?

If your taxes get raise, increase rents next time the lease come up.

The basis of the property increases 10% of your original gain at the 5 year mark, another 5% at the 7 year mark, and after 10 years the gain is capped off. 

Yes the property does get the mortgage and such paid (a slight loss each month, but just increased the rent so for the short term renter we have we are making a positive cash flow, but only for a few more months).I will definitely be asking questions and trying to get our portfolio growing. 

If you don't know anyone that has money to partner with, increase your network.

@ Charlie DiLisioSo I'm getting the idea that using an FHA loan more than once without job relocation, or family size increasing is nearly impossible?

We have been taking the depreciation which is around ($225K-40K)/27.5=$6.7k/year – till now about $68K.With the increase of property tax and other factors, it no longer makes a lot of sense for us to keep R as a rental.

As the market has increased so high since last year, I'm considering to sell it the condo to either hold on to the cash or invest in different locations such as San Diego, Florida, or Texas.

I would start getting quotes and compare the cost to what you could get for an increase in rent.Don't just assume because it is a college rental you have to have 2 baths for 3 bedrooms.