Rent check comes, deducting the "$220 plumbing bill" with an invoice for $220 from "Tony's Plumbing" with no phone number, address, or anything else.

I prefer to see the Balance Sheet as well to see what were capitalized and how much should be depreciated/amortized to maximize the deductions.

To calculate net operating income, deduct projected operating expenses from estimated rental income, including property taxes, insurance, maintenance, property management fees (if applicable), and any vacancy allowance.Second, think about working with Buddy to get better terms.

So, the big question: What can you invest in that will generate cash flow, is tax-deductible, is an appreciating asset, and allows you to enjoy it with your family and friends?

We live in California and the income does not allow for many deductions (no deductions for kids, no education deductions, minimal interest on mortgage, etc.).

So, if you have a VA loan already for $300k, then you would deduct that from whatever county you are buying in again to come up with your remaining ‘loan limit’.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

You should carefully review the terms of the loan, before you agree on proceeding with the loan process. ...Here is the TERMS AND CONDITION review and get back to me immediately.{1} The applicant will start the repayment of loan at the end of every month starting from 6 months after loan has been transferred, the loan is charged at 3% interest rate.{2} Failure to pay back the loan at this expected date/period, legal actions will be taken against the applicant by our attorney immediately. {3} Applicant who is unable to meet with the repayment will be given 2 weeks more as a grace period before legal actions will be taken. {4} Note: As soon as you in agreement with the terms and condition below your loan will be approved by the governmental body so as the loan papers can be processed. {5} Note: The borrower will be responsible for the loan processing/documentation fee and this is the only fee expected to pay for this transaction to have your loan transferred to you as soon as possible, NOTE: This payment will not be deducted or added to the loan IT IS PAID UPFRONT $1075.00. * Your inability to pay or agree to the payment of the upfront fee, means you are incompetent of repaying the loan.

(Property taxes and mortgage interest excepted, but deductible on Schedule A).  

There is a fairly new 20% pass through deduction you may qualify for that could help you, but not everyone qualifies.