First time rental purchase

[Derek McGillicuddy]

Im looking for some guidance on rental properties. 

1.I am trying to figure out how much I need to profit to make monthly. Is it ok to make $100, $200? How much do I need to profit on top of mortgage and all bills to make it worthwhile.

2.What do you require tenants to be responsible.I am in the northeast and its cold do you require them to pay for heat, hot water, electricity, water, sewer etc. I know this can be considered on a case by case basis. My biggest concern is heat in the winter time. Do you include heat and just raise the rent or ask the tenant to be responsible?

3. How does taxes impact the rental business? What can I write off, how do you show losses?

[Jason D.]

@Derek McGillicuddy when I'm analyzing a deal, it has to make more than $200/mo. After all expenses and reserves. It works out to about $450 more than my mortgage payment. My expenses and reserves are about $250/mo. for a single family rental.

My tenants pay for all utilities, but my rentals are all single family properties. If I had multis, it would depend on how the utilities were hooked to the property. Some share water or electrical.