Always used turbotax in the past but now looking for CPA/EA suggestions as I have purchased a rental last year and will be adding another this year.

How will you be adding value...without adding cost?

She already knows anyone staying for more than 1 consecutive week, or 14 days in a calendar year, would need to fill out an application, pass the screening process, and be added to the lease.

A caveat that should be added: often times with investment properties, you need to put cash offers in to even be considered. 

Wondering if it’s worth claiming depreciation now Nothing needs to be added to what the other tax experts have already said, but just out of curiosity, what is the reasoning behind your question? 

Also the cost of repairs can be added to the property balance, making the new weekly payment $127.From the balance owed, this would leave $27,500, I am asking for $15,000 to walk away and someone takeover the contract as the work needs to begin ASAP.I usually have more time to sell a property, but have found myself in a unique position that I cannot control.Thank you for your time and I hope to hear from you soon"- How much should I estimate for closing costs?

Pay yourself.Summing these up and adding to your already-listed expenses:Maintenance - $270CapEx - $270Vacancies (5%) - $135PM (8%) - $216Expenses you listed: $650Total percentage expenses per month - $891Total Expenses per Month: $1,541So your Income minus Expenses:$2700 - $1541 = $1159 income per monthThe last thing to be added in as expenses, and is dependent on your area: Inspections and Licensing.

On top of that, there are tons of safety features that likely need to be added to a normal house.

In short, I will be added to the title of one of our family’s triplex to help oversee the rent and collect the income.

It’s a type of “living benefit” that can be added to certain contracts, generally for the account owner who is also generally the annuitant.