The easiest way to make this work is to treat the kids as contractors.

We teach people how to treat us. 

Therefore, they are added to the property's basis and recovered through depreciation deductions over time.Appraisal Costs: The costs of obtaining an appraisal for a rental property may be treated differently.

., 17.5 years remaining for residential property).New Schedule: Simultaneously, start a new depreciation schedule for the additional cost basis attributed to the replacement property, following standard timeframes (27.5 years for residential, 39 years for commercial).Option 2: Treat as New AssetCombined Basis: Treat the entire cost basis of the replacement property (carried-over basis + additional funds invested) as if it were a newly acquired asset.Single Schedule: Depreciate the total cost basis over the standard timeframe for the replacement property type (27.5 years for residential or 39 years for commercial).If you choose option #2, you need to file an additional form (4652) with your tax return. 

You have no idea what is under there or how they treated the top cap.Who would want to have a garden on top of lead and old batteries?

So many do right to be treated wrong by so many.

I thought that, at least I could deduct property taxes, Interest, PMI and Home owner's insurance.I am being told that, basically, we have to treat the entire rent check as taxable profit because of our income.

If the home is more than $365K you would just need to run the LTV to see if it was around 80% in order to remove the PMI but again the rates still put you around 6.25% at best.I would not move out until you refinance if it is an FHA mortgage because when you go to refinance it will be treated as a "Non-owner occupied/Investment" and the rate will shoot up to above 7% again if the LTV is down to 80% to 85% Max.  

Customer journey is one of the core values we need to think about overtime we interact and it comes across at the core of how we treat each other in deals.

Treat it like a business.You know what the agreement says.