Not only can you deduct mortgage interest and property taxes, but you can also claim deductions for property repairs, depreciation, and other expenses related to maintaining the rental units.Learning While EarningHouse hacking gives you hands-on experience as a landlord while you continue to live in the property.

I have a friend who has one in Florida where he doesn't have to do any repairs or maintenance to his unit.

It's not the same thing.If you have $130,000 in equity, I would not use any more than $65,000 on a new property and $15,000 of that should be held for reserves so you would have $50,000 for downpayment and closing costs really.Unless your rental property is new construction, you don't want to max out the equity in case of large repairs coming.

You can use petscreening.com to handle this task for you and ensure you are compliant, but I still recommend you really understand the law so you can answer questions or assist with requests. 

As a landlord be symethetic to the tenants, and use your available resources to assist when they need it, but do not give into demands for situations outside of your control. 

Make sure you have some money set aside for repairs and turnovers.

Prepare the property: This is the time to purchase new furniture, restock supplies, and complete any necessary repairs.5.

@Eric CarlstromMy STRs tend to experience more frequent repairs than my long-term rentals so I tend to budget more for repairs and maintenance. 

Investors are always seeking reliable PM assistance.

The biggest mistake new investors make is to walk a property, maybe explain in general terms what they want and then let the contractor come up with the SoW.For a bedroom this could be:- replace carpet- repair closet dooror- remove carpet- remove curtains, nails and screws- replace closet doors, entry door SKU#- replace window SKU#- refinish hardwood floors 144 sqft, clear/oil-based- prep and paint all woodwork- patch walls, texture, paint walls eggshell white clay, ceiling flat white- replace light fixture SKU#, replace lightswitch w decora/white, replace 3 outlets&covers- install blinds SKU#Obviously, the cost would be quite different.