You must report rental income on Schedule E and can deduct rental expenses like repairs, maintenance, property taxes, mortgage interest (allocated between personal and rental use), and depreciation for the rented portion.

You can always hire a different PM company.

These loans are based on a property’s rental income rather than your personal income, making it easier to qualify as you expand your portfolio.Networking and Mentorship:You’re already off to a great start by reaching out here!

None of this has anything to do with your personal tax return.

Personally that is what I wanted, an active mentor. 

The person I would seek advice from is a CPA about this. 

Imagine making millions of dollars over the course of your career and then having to pay 30-50% every year to uncle sam instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they just buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of best ways to end up with a much larger net worth at the end of your career.

The reverse mortgage company wants buyout and I dont have over 200k to pay out.

You'll need to roll it over to a custodian (a company that holds and administers the IRA).

She'd probably be able to put you on the line as a co-borrower.I've done this personally and it's been great for me and my situation!