This depends on if you are using the Cash or Accrual method of accounting for tax purposes.

My long term goal is to have multiple rental properties.My questions are: What would be the ideal steps to take with this house?

Hi Bob,Investing in U.S. multifamily properties as a Canadian is a big step, but it’s doable with the right preparation.

But I think you could take this a step further and instead of charging no rent, your rent could be the cost of the taxes and insurance annually.

Stay consistent and take calculated steps to gain momentum!

Many opt for other investing methods in their SDIRA like private lending, crypto, private equity...anything except collectibles and life insurance.Note that a Solo 401k is exempt from UBIT on leveraged real estate so if you have self employment activity and no full time employees save for you and your spouse you should consider the Solo K as an option. 

Liability Protection: Transferring to an LLC provides asset protection but may not always be worth the hassle or cost.Next Steps: Review your loan agreements, consult your lender, and get advice from a real estate attorney and tax pro to ensure everything’s compliant and beneficial.

The expense tracker, reports and rental sheets (useful if you are planning to do the BRRRR method and need to calculate 2 different sets of loans).I used to have my own custom spreadsheets that I built but this one does everything mine did plus much more. 

Steps to do now.  1.  

Hi Nick, welcome to BP and congrats on taking your first steps!