If that is the case for Federal purposes you need to report any income from your rental property on the Schedule E of the 1040.- Regarding Texas, you may want to verify this as I'm not a Texas resident but even though Texas has no income tax it does have a franchise tax.  

Your plans might change down e road if you decide to scale.For my particular situation,  I don't payoff extra debt unless it is hard money or a unique circumstance.

Either call was not answered (heard the call waiting beep) and when answered someone just said "hello" William E.

And if you know anyone in the town hall, building inspector, water dept etc, my phone is ringing and I'm getting E-mails, the hard part is tracking down the owner!!

I could only find a 2642 W Lehigh Ave and a 2642 E Lehigh Ave.

@Michael Parris there is a good meetup group going on tonight is Asbury Park at Cibo e Vino, I think it is called.

Rich Dad Poor DadRich Dads Cash Flow QuadrantRich Dads Increase your financial IQThe Real Book of Real EstateThe ABC’s of RE InvestingThe ABC’s of PMRich Dad RE Tax AdvantagesThe 10X RuleThe E-MythThe 4 Hour Work WeekBiggerPocketsPodCast -I hear #136 is exceptional!

Thanks for all the kind words @Jay Raught and @Beverly Fast Sinclair and @Wayne Snell.In response to @Bob E. question about shadow inventory (I can't believe I missed this question that long ago), there is a ton of shadow deals out there.You still have 6 million loans underwater, along with 3-5 million loan modifications coming due that are starting to default with the loan's adjusting.  

I post 5 day notice on 2nd of month and start eviction ( after I give them one chance to explain delay as I have everyone's e-mail and phone and we communicate openly when needed).They can; electronically depositWalk to one of my bank branches and depositUse Paypaluse any system they wishWorks pretty well. 

I am looking forward to networking with fellow investors on this platform.