Since this other long term asset is on the balance sheet I don't believe this would be considered taxable income but I would verify this with your accountant. 

Max out 401k contributions to minimize taxable income, then take loan out against 401kI tried to research the topic but haven’t been able to find much.

Add in that The FED is trying to restore credibility through rising interest rates and causing people to no longer be able to buy homes, prices are sure to start to moderate or may even decrease.

If you were in a market with a decreasing population and a state that has tenant friendly laws, I would say sit it out in a down market like the one we are in.However in Florida, landlord favorable laws and the fact that Tampa Bay is landlocked on 3 different sides by water, but the population keeps growing makes rentals a safe bet.

Hell, even during the market crash, rents didn't decrease anywhere near as much as property values on Single Family homes did. 

The income is only 1/3rd taxable because of $50k in depreciation. 

On the one hand leveraging more to buy more properties allows you to capture more appreciation and increase your buying power, on the other hand when you borrow more you pay more interest which decreases your buying power. 

If I were you I would keep the property, unless you have some insight that the property value will decrease, or you have an amazing deal awaiting that will give you a better cashflow than this property. 

Do not apply around to decrease score.

However, 75% of the income in the deal - being sourced from non-IRA funds - is deemed taxable as Unrelated Debt-Financed Income (UDFI).