If The property was put in service In December of 2020, if you advertised it. then tax wise you can deduct expenses and depreciation on 2020 tax returns.

But, depending on your situation, the loss may not be fully deductible to the current year's tax return.  

Potentially you can deduct your interest of the loan from the cash-flow (check with a CPA ).

The cost to purchase can be higher but the goal is to break even on cash flow but the depreciation deductions on your tax returns saves you money that way.

Your property expenses will need to be divided between business deductions and personal deductions.House-hacking will also complicate your taxes if you sell the property. 

The agent mentioned I'd have to pay 2 deductibles which I'm fine with, so I ask if I get paid out twice my coverage $15k per claim on the same property = $30k.  

Charge them for the cleaning of the unit and deduct that from their deposit. 

LL then has 30-days to list damage deducted from deposit and return the balance.Texas Property Code Sec. 92.103

Plus, it is a deduction for the partnership, so you're not eating 100% of the cost as it's a deductible expense.

In regards to FHA, with the closing costs and mortgage insurance that is charged, if/when a borrower is able to roll those costs into the loan, does this allow for a larger interest deduction come tax season?