Just starting out need help and info

[Richard Brown]

I have a place in Little Rock that I pay $1220 a month for the mortgage, and I still owe 25 years on it. Property Manager says I can get at least $1900 a month in rent on the open market and $1770 going Section 8 route. I want to leave the property to my kid. House was built in 1995 so I am thinking that I will need a roof for it soon and central heating/cooling is six years old. I could actually sell the property now for over 300K right now.

I am flying there to get a new refrigerator, change the locks, and get new remotes for my garage door plus meet the Property Manager. Here are a couple of questions I have.

1. Am I correct in thinking that you officially have Rental Property when you sign up with a property manager?
2. Can the time you spend learning about Rental Property count as managing your rental property?
3. How would I come up with basis to depreciate?
4. What else is deductible from rental income?