Clearly, I will find a CPA but I'm trying to get ahead of the game and prepare all the things I'll need for tax filing next year. 

Biggest thing is to have a game plan and discuss it with a Banker to look at the mortgage options and go over numbers for best overall return. 

You have skin in the game in the form of your entire net worth.

I’d like to make the jump on my first rental property but have no idea how to get in the game.

As long as you are willing to play the long game you don't really have a reason to be overly nice or flexible with this tenant.

Having more entertainmentoptions at the house like arcade games, ping pong table, etc.

I'm a bit late to the game on my reply, but am here if you need another resource as you plan for your first investment property in PHX.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Quote from @Marie T Debnam: FlipSystem is a game-changer!

They didn't want men gambling away the house in a poker game and leaving the women and children without a place to live.The intent I think for a home to be designated your homestead is that is where you live.