Peter,That does not sound accurate based on having a Schedule E and being able to take those deductions as well as other standards.As an investor it’s not a bad thing to show more gross income which usually allows you to buy more properties with more income and a lower DTI.

Since I bought this last property, it has been a headache, I have to go often to do repairs, the last repair was replacing a water heater of 75 gallons which cost almost $3k (too expensive).

I may have an expensive solution if you'd like to PM. 

Truthfully, my sights are set more on eliminating my expenses and living more frugally in the next few years than they are set on becoming some sort of millionaire investor—but I think that if my first deals are successful, I can definitely see myself wanting to take on real estate as a serious career pursuit a little further down the road.

The economy is still too strong for them to lower rates anytime soon.

When I show my rental to potential buyers I give them 3 years of rental history with the average utility expenses and what I paid for taxes and insurance over those last three years as well. 

After both of our expenses we ended up breaking even after some unforeseen expenses Lessons learned?

The common area is available to all and is not a factor in the allocation of expenses."

I have not heard about this, but it sounds to me like a very expensive way of going if your looking for tax advisory.

Profitability is shown by a positive cash flow.To help with your housing expenses if you want to live in one of the properties, consider the possible rental revenue from the other units.Remember, the specific criteria for a "good deal" can vary based on your investment goals, risk tolerance, and personal circumstances.