Also 4th quarter of last year Packwood and county officially did discuss potentially regulating STR's by either limiting numbers or adding a tax to cover increases in local services that are needed. 

When you say "we," are you speaking about your business or your personal tax returns, or does your business flow into your personal returns because you file as a sole proprietor?  

Include all expenses like property taxes, insurance, maintenance, and property management fees if you’re not managing it yourself.Network Like Crazy: You’ve already made a great first step by joining this group!

It will have to be a pass through/disregarded LLC to keep the tax payer the same and the 1031 valid.

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.

And, when you see your next tax bill, your heart will stop.

Assuming the liens were the mortgage, taxes, hoa etc and totaled less than the purchase price.

It was $9,000 after taxes.

Question for any and all.. we have had trouble finding a real estate investor friendly CPA, one that proactively wants to help us learn and obtain all the tax rewards with real estate. 

Once you file your 2nd year of tax returns, you may now be able to qualify for Agency Loans (FHA/Conventional).