In Contract!! Thanks for the support, next steps now!

[Pranay Verma]

Hey All, I was able to get in contract for a house hack 3 bed 3 bath townhouse property in Hayward. Now that i work on closing this I also want to look for tenants, I have a couple of questions. 
- How can I check the rental pricing, what is the max that I can go if I furnish the bedrooms

-How should I keep a track of rental income to report to the IRS. Any trackers or just venmo transaction history?

-I have a loan of 600k, how will the taxes work with the rental income, will i be able to write off the taxes and use all income to contribute to mortgage, or should I set aside government’s cut? 

[Pranay Verma]

Quote from @Eliott Elias:

Check available rental listings in the area and get a realtor to send you sold rental comps in the area. Keep all expenses and monthly rents in a bank account, if you are using a property manager you will get monthly statements 

Thanks, I’ll be managing it by my own as I’ll be living in 1 bed 1 bath. 
that’s a great idea, I’ll keep it all in a separate bank. 
Are you aware of the taxes on rental income, is there write offs or flat % tax.