You are required to file a complete and accurate return, which means reporting the income that you earned along with atleast the direct expenses that you incurred on your rental.There are two comflicting forces - Your tax accountant wants to be aggressive with deductions because it will entitle you to paying less taxes(now or in the future).Your lender wants to see as much income as that will increase your Debt to Income Ratio(DTI).The good thing is that you can speak with your lender about 'one time expenses', that were only incurred in that year and are not reoccuring. 

This property has strong potential, so think of your payments as an investment in your future portfolio. 

Suppose you have several high end, major repairs in the near future?

Long time listener to several of the podcasts and am excited to be taking action towards the future I'd like to build.

If I refinance in the future, will I need to modify my ownership structure?

I'm David Turner from California, passionate about real estate investing since the 1990s.Outside of real estate, I'm a litigation partner in a law firm, and I enjoy commodities futures trading.Excited to learn and connect with you all!

Will this home be something you use as a ladder to another, or will it be in your portfolio to grow wealth and cash flow in the future.

Note that you are out hunting but have limited experience, so wondering if they would consider keeping you on as a partner in the future if you are bringing them good deals.  

Lend $100k on a deal for typical terms, but with the option to convert your loan into an equity stake in the future?

It also potentially still allows you cash flow for future capex on the property while not over leveraging yourself.