I'm not sure how he he concluded this as county records show  '123 Main St.' as a valid physical address.When I spoke with the City Community Dev.

I'm not sure what the validity of that is though.

Other considerations things to look at include; are any utilities common (like paying for a boiler for all 4 units instead of individual furnaces), how does access/common areas work, do the tenants all have access to laundry, are there any common area utilities (light common area lights, electric or gas for laundry) that would stay in the owner name.  

I will split the gas and electric onto its own meters. 

It's designed to prevent taxpayers from deducting passive losses against non-passive income, which often leads to situations like you've described.Your concern about potential double taxation on the $2,000 net income is valid.

There is some validity to self-managing but after a certain point it doesn't make sense. 1-2 properties are pretty easy, 4-6 properties are a little challenging, 10+ is where you need to commit FT or hire.

Others will use the local gas station bathroom and shower at the gym.

Is this lease valid without receiving a deposit?

I just wanted to explore it and see if there was any validity to it, so I appreciate all of your feedback.

Our property features multiple roof levels, possibly with recent wind damage that we aim to validate for insurance purposes.