It needs to include a line that says something to the effect of "Buyer is likely to present an offer to Seller that includes a Buyer's Agent fee of 0% to 3% which may be as much as $xx,xxx that will be deducted from Seller's proceeds at escrow.

After this adjustment, the expenses are still greater than the rental income (it's producing a loss).What I'm unclear on is if I can apply the loss as a Passive Activity Loss deduction against my W-2 income (I'm under the MAGI limit).

However, a local real estate investor in a similar situation once told me he couldn't get the tax deduction because he didn't qualify as a real estate professional on one of my posts in the forum. 

If I assume 15% mgt fee and $150 for all utilities, that leaves me with $320/month cash flow, which I will pay full taxes on since I can't deduct anything else. 

Since this is not an actively managed property, you're unable to take the deduction against your W2 (or other) income in the current year.

This includes individuals who primarily have W-2 income from employment, basic investment income, and perhaps own a home or have standard deductions.Rental Property: If you have one or two rental properties and feel comfortable managing the related expenses and deductions, tax software can handle this level of complexity, especially if your transactions are straightforward and well-documented.Complex Scenarios: Hiring a CPAWhen to Consider: As your financial life becomes more complex—such as owning multiple rental properties, running a business, dealing with investment incomes, or having special tax considerations (like inheritance or foreign income)—the benefits of hiring a CPA increase.Cost Consideration: Hiring a CPA typically costs at least $1,000 to file your taxes, which can increase based on the complexity of your return.

Tax deductible improvements such as drainage tile, terracing, irrigation can significantly improve the productivity and the value of the land.

PALs fundamentally work by allowing investors to deduct depreciation from their properties, which can significantly reduce the taxable income generated by these investments.

I read that CC cashbacks/rewards are not taxable, but should reduce the expenses allowed for deduction.

The only thing I would suggest is look at the smith maneuver with the HELOC, it could unlock some of that equity and make the interest exp deductible against the rental income.Good luck!