If the place is in decent shape I would offer to credit it toward the next month's rent and write addendum including no future pets.

You will need to deduct the expenses and include income on a schedule E of Form 1040.  

That hard work includes making the investments that the current owner hasn't made (nicer kitchens, new flooring, fresh coat of paint, etc.), removing tenants and marketing to new tenants.

Hello, I have a primary residence and about $10k in bad debt (not including car note, student loans and a small medical bill).

I am always fully transparent and the owner in that situation is a long standing business associate that knows my character, experiences and background, strengths and weaknesses included.

On the RE side - I own/developed 2,000 residential units across the United States focusing on opportunistic residential acquisitions and development, including student housing conversions and luxury multifamily development.On the startup side - it is a third-party guarantor platform that expands your renter pool, increases rents and occupancy, and ultimately boosts your NOI while broadening affordable housing options for renters.

Charge the tenants a higher rent rate and include utilities with their rent.

We would offer more of a budget-friendly option which could include FB marketplace/goodwill -Manages furnished rentals (STR/MTR) for investors.

No exceptions, including for tax reasons.

Actually the IRS does not tell us what we can invest in, only what is disallowed (life insurance contracts and collectibles).Allowable investments for SDIRA investing include the following:Residential real estate, including: apartments, single family homes, and duplexesCommercial real estate Undeveloped or raw landREITs (Real Estate Investment Trusts)Real estate notes (mortgages and deeds of trusts)Promissory notes Private limited partnerships, limited liability companies, and C corporationsTax lien certificatesOil and gas investmentsPrivate stock offerings, private placementsJudgments/structured settlementsGold bullion Factoring investments