You may be able to deduct mortgage interest and property taxes before the property is in service. 

You and Him are filing one joint tax return. 

What is the security on the above?

I've been in the real estate lending industry for over a decade, helping investors secure funding for their deals.

You can then tell the security office to disregard any alarms the rest of the night if needed.They run off of batteries and need to replace about every 3 years. 

@Tyler Speelman, A 1031 exchange solves the tax issue. 

I had been discussing this property with the owner for a while and saw its potential—distressed but with strong fundamentals and built-in equity.The deal was a great opportunity to apply creative financing, secure a property with minimal upfront capital, and build long-term cash flow.

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

Thats $7700 a year NOT including my accountant/Tax prep. 

Purchase price: $77,000 Sale price: $85,000 Contributors: Peter Vekselman Partner Driven teamed up with Jamari Sprueil to secure this off-market deal in Decatur for $77,000.