You still claim the income as miscellaneous income and deduct property taxes and mortgage interest (subject to SALT and other high mortgage limitations) on your Schedule A, but that's it.2. 

No but you could create an excel macro to do multiple properties at once - also the numbers that someone provides to me I take with a grain of salt anyways. 

@Alyssa Holbrook is in the Salt Lake area, and she is an absolute boss.

In the multi unit buildings I put on lease "Each tenant shares responsibility for removing snow and salting on both walkways and sidewalk infront of property" and I have them initial before we execute lease.

Then you own the LLC and can transfer the property into it.If you transfer the property into that LLC the way it is then technically you just gave your friend ownership of the house proportional to his ownership of the LLC.I'm not an attorney, so take that with a grain of salt.

Hey I am an agent in Salt Lake, if you haven't already run comps feel free to reach out and I can send them over to you.

I had a client use one for their house hack in salt lake city area and it worked out well!

Here’s my recommendation to get it under control: For a quick fix, start by sealing up any gaps using acoustic caulk around outlets, baseboards, or other small openings.

A few months after purchasing the condo I found a property about an hour outside Salt Lake City.

I have no facts so take my opinion with a grain of salt.