@Kevin C.I read the "De Minimis Safe Harbor Election" allows you to expense everything that's $2500 and under for EACH rental property expense that would normally be depreciated.Refrigerators, oven ranges, washers, dryers etc are all each under $2500.

@Nathan Claire Its an election year and so I think the fed will continue on its loose money policy.

My idea was to invest under an LLC elected to be treated as a corporation for tax purposes.

The VA has a refi program that kicks in 6 months after original loan "seasons" Like clockwork, we started to receive a slew of unsolicited offers from 3rd parties offering us an opportunity to refinance the VA loan through a VA "Streamline" program which requires way less time and or documentation that is typically involved with an original VA loan.We elected to work with one of the parties to do the Streamline loan which offered a very substantial reduction in our monthly payment (~15%).

@Andrea ColeI was in Europe when President Trump banned foreign travel into the country.

Depending on your facts and circumstances you may consider having a conversation with your CPA whether you qualify for a real estate professional election.

It's an election year so who knows. 

How does it need to be taxed federally (IRS election) and by the state?

According to the IRS, "You must make a special computation to figure the maximum amount of elective deferrals and nonelective contributions you can make for yourself" when you are self-employed.More information can be found here: https://www.irs.gov/retirement-plans/one-participant-401k-plansIn essence, there is a circular computation that takes the 25% down to 20% when the income is from an entity that is not taxed as a corporation. 

I think economic factors are still the biggest factors (stock market/interest rates/political/upcoming election)...