Eventually, tried both Digb and Stessa which are setup specifically for real estate out of the box and are cheaper than QBO.

Deductible expenses include a proportional share of mortgage interest, property taxes, insurance, utilities, and repairs.

As mentioned elsewhere, breakeven on cash flow is not the same as break even for taxes.Let's make some assumptions:Rental income = $1000Mortgage payment = $400 - but $300 is interest and $100 is principalOther expenses (repairs, advertising, utilities, etc) = $600Depreciation = $250The above scenario creates a break even from a cash flow perspective, however the tax scenario looks like this:Rental income minus the mortgage interest (principal is not deductible) minus the other expenses minus depreciation looks like this:1000-300-600-250 = $150 LossIf your income is over $150,000, then you cannot deduct that loss, but you can roll it over to future years. 

If the rate is reasonable then it may make sense to try to save fast to get to the 3.5% down payment on a double or triple - househacking may allow you to increase your savings rate and pay down that loan even faster.As for estimating costs, closing in NY factor at least 1% of the mortgage amount for tax, plus $1500-2000 for lawyer, title and fees, then the amount required by the bank for escrow will depend on the actual property taxes and insurance.

Numbers... not words.The property tax is $4000/year and I guess I can be thankful that I paid cash for this house because if I had a mortgage I would be paying significantly out of pocket every year since I have owned this home. 

In order to past this SS test, your appraised market gross rental income at 75% has to be more/equal to your monthly mortgage payment (PITIA).

How can you find out if an existing mortgage is assumable?

This can be extremely costly.We have a two step program has no waiting period at all and will end up being quite a bit cheaper then the 3 month waiting period on closing costs, rate and NO pre-payment penalty. 

In addition, a motion for default was filed against an outstanding mortgage for another $ 367k which was personally guaranteed as well.Keep watching the Kiyo v BTC and Dream CQ Holdings V BTC cases as both of these have a potential basis for piercing the corporate veil.  

I use wise.com to send money internationally, much cheaper than PayPal...