I don't see anywhere included with my taxes where an election was made, not to mention he never asked which one(s) we may be using this year.Then there's the subject of being a "real estate professional." 

Louis area...A few mentioned being on lists, which is a good idea to do, to see what is out there.

@Guillaume Fortina yes, FHA allows 3.5% down with a multi-family unit property, and those Fannie/Freddie types you mention allow 3% down. 

You mentioned you purchased directly through a seller so I am guessing no agent was involved?

R,Jairmiya  Hi Jairmiya, Have you looked into areas in the midwest to get the kind of returns and unit counts you mentioned in your post?  

As mentioned above, doing that with an investment property is not likely.

If you sell even with the gains you’ve mentioned your commissions and selling costs would probably eat that up and you’d likely break even at best.You’re right about this not being a cash flow rental.

Like adam mentioned coming from commercial real estate or other backgrounds notes may seem like a cup of tea since many in those backgrounds have dealt with real estate professionals and know what IRR is and how to run a financial model.

You mentioned 53222. 

I see how people mention that they will get a property under contract then look for a PML or HML.