Rent Allocation For A Property

[Duane Hundley]

I purchased a 2br 1b home and have a renter in place to move in Sept. Please help me break down where the income from the property should be put? Here are the numbers. Purchase Price $22,000 Loan amount (purchased with cc 4% fee 0% 12 months) Then 10 year loan or transfer to 0% and maby use credit union card I have at 7.99% $25,000 PIT $250 during first year on a 10 year payoff schedule Rent $500 first year no increase Tax value $31,500 Repairs expenses (Roof 5-6 years) only major repair noted during inspection $3,000 How would you all direct the $500 in rent? I know around $41 a month for insurance and taxes. I was thinking $50 for the roof replacement on a 4 year schedule. Please let me know what you think or what you would do different? I also was thinking of paying extra while in the first year for 0% (4% fee) window but I want to take some profits from the property. Thanks!