You can only deduct what you actually paid.

We now live in Arizona and I frequently fly back to the southeast to repair or inspect the properties and already deduct the travel, lodging, and half of the meal expenses from my taxes. 

Hey Bigger Pockets community,
My family has been in commercial real estate development for years, and one recurring pain point we’ve constantly dealt with is unexpected site costs. Many developers get hit with subsur...

The due date for 1065 returns is March 17th this year.Yes, you can deduct all property related expenses on the 1065 return. 

Its expensive, but we have used this since 2009!

Thank you Eric.In addition to the rental properties, my wife and I have a paid off house, paid off car, and about $1.4m in retirement accounts, brokerages, and savings.We live in a HCOL area and our expenses are $9.5k per month even though we live pretty modestly.I set out initially to have real estate pay for at least some of my expenses in order to give me more freedom and financial security.Is your wife quitting too? 

Don't be so quick to indebt your paid off townhome until your learn creative financing and review all your options.

.: HiRepairs were going to be paid for before closing, as the seller having some other time sensitive activities needing to be met, my agent and I decided to grant a seller credit to the buyer for these repairs.

Why would they have to expense throughout the year?

Expenses call it 16k.