All systems are "go" for me re: Praxis MF F 6, so here goes!

You will need to deduct the expenses and include income on a schedule E of Form 1040.  

That's when it clicked for me - that cap rates are more just a measure of risk.

I had a similar mindset and started...in the sense I bought house hacks in areas whereI wanted to live and worried a little less about the dollars and sense and just made sure it worked for me!

I have a question for the pros out there that might be able to provide some guidance for me. 

That's been the majority of the argument from your side:"I like the HELOC method, because my money isn't just sitting around in my checking account, it's working for me.""

ONE OF THE REASONS WHY I WAS INTERESTED IN THIS PROPERTY WAS I LITERALLY GREW UP AROUND THIS PARTICULAR NEIGHBORHOOD SO IT WAS A FULL CIRCLE MOMENT FOR ME BESIDE IT BEING A GREAT DEAL I WAS VERY FAMILIAR AND COMFORTABLE WITH THE AREA !.

I know i personally wont build anything with adjoining walls as the long term liability is to much risk for me.

Expenses will level off: Multifamily operators have been plagued by expense increases in the form of taxes and insurance, for the last few years, especially in the south, and especially in Florida and Texas.

For me, that includes late fees, the cost of the eviction filing, etc.