What guidance / cite do you have for only deducting some expenses until it's actively rented?

Quote from @Justin Brin: I created a heat map showing the population changes in each state over the past five years (2020–2024).The states experiencing the largest population increases are Florida, Texas, Utah, Arizona, and South Carolina.

If so, do I need to hold it for a period of time before I can rent it out?

You are LOSING money because you didn't even raise rents to cover those increases!

Just sent them a rent increase notice every year.

We used a HELOC on our primary to purchase and begin renovations on a duplex nearby, and just this month closed on a fourplex that has a couple units rented, and a couple that need full demo/flip (which is now in progress).I'm taking some big swings and really having a blast doing it.

Separately, the benefits and disadvantages of renting to Section 8 is a topic of extended debate on this forum.

I think those rent estimates are realistic. 

When you save up enough capital, slowly increase your portfolio.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.