House Hack Taxable Income Strategies for Next Step

[Cole Hagen]

Hello,

Earlier this year I purchased my first home with the intent to house hack it. I have only had one room mate over the past 6 months as I have been finishing the basement in order to add two more. My question revolves around how to claim this rental income on my taxes and strategies to do so. 

The obvious thought is to not claim any as it is my first property and there will be only around $4k in revenue this year anyway but my thought is that I can potentially claim and increase my taxable income which will raise my Debt/Equity ratio in order to purchase another SFH or small MFH next year. I also believe that I can depreciate my interest, taxes this year, and the $30k in repairs that I put in this property this year (please correct me if I am wrong).

I am currently collecting rent via Venmo as it is convenient for both me and my roommate and I also believe that this could be used to show proof of income (again, correct me if I am wrong). 

My main goal is to maximize my ability to purchase another property (3 is my goal) for next year using the BRRR method. I will have around $30k in savings and I can find properties anywhere from $50-150k in my area.

Anyway, I would appreciate anyone else's thoughts or feedback over this topic.