BUT, let’s say for personal reasons you want to “stretch” for faster wealth accumulation.  

If your friends have a rental they should hire a tax professional. 

There are many tax accountants on Bigger Pockets that can help you with your situation. 

Generally speaking, with SFR or small multis, I just rely on the lease/rent roll (and some form of proof of payment; i.e. bank statements, deposit receipts, tax returns, etc.). 

They lowered the “taxable value” by 40-50% and then raised the tax rate about 35-45% lowering everyone’s taxes that year.

if it is unsecured loan that is the consequence, you lose they entire thing. as far as tax write off, sorry but none.

A successful rental property should offer positive cash flow, meaning your rental income should exceed your monthly expenses (mortgage, taxes, insurance, maintenance, etc.).To find the right tenants, ensure the property is priced competitively within the local rental market.

He's a CPA with a focus on strategic tax planning.

@Eli JermanYes, you should hire a tax professional.

Looking for various tax strategies to reduce the reality that a large RV or boat is a grossly depreciating assetI would not have a loan, so claiming it as a primary or secondary residence and claiming the mortgage deduction is not applicable.I sold my primary residence and I have several rental properties which I use as I'm fixing them up.What I'm pondering is living aboard and working aboard developing a new product, while traveling.