Monthly profit on first investment - What to do with it?
I purchased a home with cash last month. I did a little clean up and now renting it out. I'm generating a nice monthly profit after all insurance, fees, taxes, upkeep, etc. I'd like to save this profit and put it towards another investment, maybe in 2015.
Besides saving the monthly profit to pay taxes then keeping the rest, what are my other options?
I'm hoping there is a legal way for me to save this money, not pay taxes, and then put the money into another unit.
If not, what else can I do with the money?