Neither previous owner nor tenant would tell what arrangement they had, nothing is in writing and it doesn't matter.I'm thinking to type up amendment to lease document where tenant will be responsible for entire electric bill minus cost to operate that furnace and a light bulb.

@Joshua Powell"I'm a bartender and haven't claimed all my tips"..ummm you just admitted to filing a false return.The quick fix would be to file an amended return for those years and report the tips.Regarding rental income and DTI, there are certain non-cash expenses that will get added back like depreciation.

Trying to think my way from just starting to where I am ended up costing valuable time which could have been spent with more productive tasks. 

Sorry I have to amend that.

Originally posted by @Peter McDonough:1) Finish high school2) go to college in a stem field3) work side job as realtor while in college4) investor money from W2 income and realtoring into investment real estateI 'd make 2 amendments to this otherwise great plan: Look at trades before college.

Deed restrictions could slow you down if building now is the plan - but if there are ABs in lots adjacent to you, someone may of already amended them. 

Even if it says 3Bed instead of 4, there is nothing stopping you (besides a payment to the city, probably) from having that amended to reflect what is currently in your home. 

Then, when I changed firms to a National CPA firm, they did a worse job and I have had to amend three years back to clean it up and truly realize the benefits of RE investing. 

I can put in an amendment to extend the closing date and due diligence period, but I do not want to wait 2 or 3 more months until the tenant moves out.

You can just give them a copy of your amended return.