However, be mindful of the Section 461 business loss limitation, which could restrict your ability to deduct excess losses in a given year, depending on how your rentals are reported.This post does not create a CPA-Client relationship.

Like Iowa , SC IL and more to follow..  

Welcome to the community, Timothy! 

Nicholas,The one piece of advice I would give is refinance the Condo before you start renting it out. 

I'm reaching deep into my psychic thoughts… I see it… A majority of people who respond to this post will be real estate brokers… I can see it!

Thanks for posting. 

The property sat on the market for a month before an offer came in, but the buyer backed out at closing.

When you file your taxes at the end of the year the accountant is going to ask you for your receipts or what and how much you want to write off using deductions.

If anyone needs a GC once the designs are done I can build/renovate the project.

Old post, but in the short-term the world changed with the recent passing of HR 5376.