If you have a regarded tax entity, e.g. partnership, S Corp, C Corp, you need complete financials -- P&L and balance sheet to adequately prepare the tax returns and answer tax related questions. 

Never invest in any city on this list of the 50 most dangerous US cities.Low operating costs: High operating costs are one of the driving factors for many companies, leaving states with high taxes, regulations, and other costs.

Your also spending 4-5k a year in taxes on a 90k house. 

This was a few years ago, but at that time as I recall they were looking to do more long-term property leases over owning properties and doing pretty landlord friendly leases where they would do repairs and even pay property taxes. 

3.Draft a written agreement where the property owner retains full ownership of all guest funds (nightly rates, cleaning fees, and taxes), while the cohost invoices for management fees and reimbursable expenses?

@Wiey Underwood Prior to pulling the trigger on a Cost Seg study, you should evaluate 2 things:1 - How much net additional deprecation tax deductions a Cost Seg study would provide: Best way to get this is by requesting a free feasibility analysis from a Cost Seg provider.

Likely it is just a quit claim deed to your new name, however, also note that some states (ie MI - requires another form to be filled out and it changes our taxes - or can change them....).Get the help you need to make sure it is done right without costing you extra down the road.  

However, due to rising insurance and tax costs, I'm starting to feel the financial pinch as the tenant currently pays rent 60% below the market average.My long-term goal is to acquire more properties, and I've considered doing a cash-out refinance to access equity for reinvestment.

By scrolling down, I can usually find the property taxes for previous years, giving me a rough estimate of those costs.

You should always look for Tax-Deferred and Tax-free methods to Invest.