Taxes and Lease Agreements in PHX Metro Area for House Hacking

[Logan McCormack]

Hello! Are you a real estate investor in Arizona?

I am just about to close on my first single family property (soon-to-be house hack I hope) in the Phoenix metro area in Arizona (a neighboring suburb). I am new to real estate and I want to ensure that any lease agreements that I have comply with AZ state law. In addition, I don't want to overlook terms that I may want to include in the lease agreement(s). Have you had lease agreements before and after wished that you had included certain terms? Did you have your lease agreements custom drafted by an attorney with real estate/landlord expertise? If you're a single-family house hacker in AZ I would really love to hear anything about your experience that you care to share!

In addition, up to this point in life my taxes have been very simple with a W2 job being my only source of income. I intend to turn this property into a house hack, and so I hope to have rental income as soon as possible. Do you use an Arizona CPA to give professional advice and help you with your taxes? I must say that as a complete beginner, I'm a bit intimidated by attempting to navigate rental income, depreciation, etc by myself.

Any links to resources or advice about lease agreements and tax strategies for a new single family residence house-hacker would be much appreciated!

Thanks,

-Logan