For instance, you can pay yourself from the CPA and contribute towards 401K and Roth and minimize tax liability.3) Read "Rich Dad Poor Dad", owning a business is the best way to minimize your tax liabilities.  

I’ve got the age old question of whether we should sell our townhome or keep it and make it our first rental.This is my first post on BiggerPockets so please let me know if I have left out any information that may be helpful in the analysis.Single Family TownhomeBuilt: 2001Purchase Date: 2008Purchase Price: $270,000Property Tax: $5700/yearHOA: $125/monthWater/Sewer: $1320/year (Must be paid to county by home owner)Insurance: $800/yearMaintenance Costs: $400/year Other planned future costs: Roof (in about 5 years, ~$5000), water heater (in 7 years, ~$1300 including labor), water softener (in 5 years, $500)Current Mortgage (Refinanced in 2012)Term: 15Rate: 3.375%Principal: $140,000Market Value: $230,000 (Upstate NY market with minimal appreciation expected)Rental: $2000/month ($2200 possible but I want to be conservative)I was also considering refinancing to a 30 year mortgage to help with cash flow but I’m not sure if it is worth the $4000-5000 in closing costs to refinance.Normally I would not consider this a good rental property because of the low/negative cash flow.

But I'm sure you can cut expenses (cut cable and go to streaming service, cancel gym and invest in a set of free weights/go on more hikes, minimize dining out, stop buying expensive coffees, etc).

The challenge is figuring out which ones work for your targets.These days you can get an MLS listing with minimal (read none) service which is still the 800 pound gorilla for retail real estate when selling or leasing.

Since there are obvious write-offs for maintenance and management, the tax bite will be minimal.

Your contract can be negotiated to have the Seller pay for some of your closing costs to minimize your out of pocket expenses. 

[Regarding your tax minimization questions, I'll just say: I only recommend Investments that would have you making a PROFIT!

I finished each space with minimal upgrades.  

No thank you very much, I hope to spend a bit more time with my kids, plus see 1.I will readily admit that when I went in to this I was looking at how to eliminate or minimize my having to pay for utilities.

You can typically transfer the title to the LLC through a title company for minimal fees.