If your bookkeeping/accounting  system allows subcategories, then add subcategories to the "carrying costs" category for each specific element of expense such as mortgage interest, hazard insurance premium, property taxes, utilities (water, electric), yard service, and other routine maintenance and upkeep items.  

I am not sure how much rental yield you can still achieve in Seattle but Atlanta is still attractive.One of the elements you might consider early on in your process is financing.

If no one outbids you, you don't get your costs back, including legal, public notices, auctioneer, and the cost of taxes, insurance, municipal fines, and maintenance such as heat and snow removal while you wait for the auction. 

Mike,Welcome toBP and the heat of the southwest. 

The smell equals that of underwear that has been worn for 2 weeks straight in 90 degree heat with a constant Taco Bell diet.

My garage is probably 40-50 years old and has cheap fiberboard siding on that side, yet because of its protection from the elements it is in better shape than the north side which is totally exposed.  

Our original intent was to use it ourselves to escape the heat in summer, and possibly rent it out on websites like VRBO or AirBnB. 

Hope the heat isn't scaring you off yet!

However because there are a lot of elements within the industry the farthest step I took was picking up a book titled "Buy it, Rent it, Profit."

The floors already have heating.