I've been using the GE  GFW148SSMWW // GFT14ESSMWW models which comes to $1,650+ tax for units and stacking kit. 

The first is that there's no consensus between tax professionals, and the second is that you will not like my personal interpretation.My interpretation is:Until the property is "placed in service" - everything goes into basis.Illustration.You buy a property July 1st.You finish rehab November 1st and put the property on the market.Your tenant moves in January 15th.The property was placed in service November 1st, and it does not matter that the tenant did not move in until the next year.Everything paid between July 1st and November 1st, including interest and utilities, goes into basis.

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

I want to take advantage of growth if possible, but also want to minimize taxes and fees (penalties).

Here’s the situation:Purchase Price: $540,000Down Payment: 20%Mortgage Rate: 7.125% (30-year fixed)Monthly Expenses (Mortgage, HOA, Taxes, Insurance): $3,706Realistic Max Rent: $3,000As you can see, I’m currently short $706/month even with max rent.

Do you have a current need for that cash flow generated from the tax savings?

Current rent…,,,,Alternate rent……..If you bought monthly PI, ins, prop tax, maintenance, etc………Your cashflow available on top of your current rent. 

How much money, after expenses and taxes would he property make yearly?

Property taxes are 650, insurance 160, outsourced property management takes 10% of the rent, and another 10% of the rent is set aside each month for future repairs. 3750 x 0.8 = 3000. $3000 profit, minus about $2300 in mortgage, property taxes and insurance leaves about $700 cashflow, when I move out.

To transition to multi-family properties, research landlord-friendly states like Texas, Florida, Tennessee, and Indiana with favorable eviction laws, lower taxes, and higher rental demand.