Even for a totally renovated house, I'm still budgeting for around $1/SF or $1000 (whichever is higher) of annual maintenance.You might also want to double check that your HML has no origination costs.

I have a Cole Realty Resources account the gets my home and cell phone numbers for neighborhoods.

Bank statements, cell phone bills, proof of income, and etc.

Otherwise, the short term rental would go on Sch E and be subject to the 14 day or 10% rule (whichever is greater) which if surpassed, would limit the amount of expenses to be taken. 

Thanks,Johnson Whichever market and or company you choose to work with when investing out of state make sure you do the following to ensure a high probability of success.

The only way for you to pull some of the 401k funds into the deal is by taking personal loan from the 401k, which as you know is limited to $50K or 50% of the balance, whichever is less.Using 401k funds in your personal deal would be considered prohibited transaction. 

I have an idea...and maybe a CPA or some other knowledgeable tax expert can help on this......so here's my idea:I want to start paying all our regular ongoing bills and utilities with money straight from the LLC rental income....cell phones (we use our phones for mostly work anyway), electric bill, internet, water, etc etc....I'm thinking of making a lease where my business rents the home office space from me and my wife, and the rent is roughly equal to the utility payments, or just have that on the lease..."

There no reason to wait any time or have any “whichever is lower” rule come into play.

This only pertains to foreclosures and it allows after a foreclosure sale for another party to come in and bid $750 or 5% more than the sale amount (whichever is greater).

Plus, unless you're taking way way less than the allowable amount as a loan, you're cutting your retirement savings in half (the maximum amount you can take, or $50k, whichever is greater).