The "corp-like" structure gets into the way so it can be financially/tax disadvantageous.Also, usually recommnded to not mix business lines within legal entities. 

Also unsure about how taxes would play out (see CPA). 

Considering the high property taxes unfriendly laws towards landlords , inventory, and prices here, I’m pondering out-of-state investments for potentially better cash flow.

@Jane Mipsey putting the investment property in an LLC is purely for limiting your personal liability, not for tax purposes.

.- Our combined after-tax income is $170k annually.- We have no outstanding mortgage debt.Recently, we discussed financing options with a banker at PNC and learned that we might qualify for a HELOC up to $480k, albeit with a relatively high minimum interest rate of 9.31%.

I would talk with an asset protection lawyer on this, but from a lending side, I see a lot of Wyoming LLCs as parent companies.

Are they the same from a Tax perspective, Ordinary income versus long-term capital gain rates?

I would be less out of pocket eating my tax bill without write offs and getting into something with 5% down

I have a property manager that handles payments/tenant screening so I don't need anything too fancy yet, but I liked the dashboard visuals to see where things were at, and to be able to have all of my transactions and my PMs in one place for tax time.

Purchase price was $102k and tax value is at $106k.