One big one was under estimating expenses needed to run the assets successfully.

@John Thedford Yup everyone has difference preference on the types of properties they like to hold. and I completely respect for your preference. 

In SFRs, the assets are valued based off comps.

Yea the cash flow should be around 900/month, so my preference is definitely to hold it for a little while.

Wouldn’t be better to protect your personal assets,’for a LLC fee than risk a lawsuit?

Richard, consider using other assets to pay the taxes or obtain a loan from a bank to cover the taxes.

So things that are a red flag for me may be fine for someone more aggressive.1) Portfolio matching: (takes 30 seconds per deal)a) Have an educated opinion on where you think we are in the real estate cycles (financial and physical market cycles)b) Then only then pick the strategies, capital stack, and specialized asset subclasses that make sense for that opinion.

Half million asset in 401(K), own a house and a rental property. 

If you create a single member LLC, you won't need a CPA as it is a disregarded tax entity and you will report it on your regular 1040.However, since Olmstead vs FTC, single member LLC are not very good for asset protection anymore in Florida (charging order is not the sole remedy).

@AJ Alexander I did the refinance option several years ago on my primary so I guess I'd prefer that.