If so, you could buy rental properties and utilize cost segregation to reduce your current tax bill.

Please include:When and how is rent to be paidWhen and how are utilities going to be paid (if any)When and how is the cleaning going to be (if shared or provided)What are the costs associated with damages / breaking stuff / calling a technicianWhat are the costs of breaking the lease, finding a replacement if you are doing short term leases on the roomsIf they lost their keys or check bounces what is the charge for it, how the cleaning of the common areas is going to work, and enforcing quiet hours.

Hi Daniel, Would you be utilizing one of the units in the duplex as a primary residence or do you plan on renting both units from the start? 

You've already got units making you money, utilize that extra land to make yourself more money with very low risk.1.

The items you'll need to track are:Date of ExpenditureVendor Name/Tenant NameAmountCategory of Expense (look at a Schedule E to get this)/ or Revenue Type (Rent, Deposit, Utility Reimb, etc)Property (for when you have multiple properties.Put it in a nice column format like this:Date                     Vendor/Tenant                Amount                      Category                  Property1/1/18                   Joe Smith                         $1500.00                     Rent                           123 Main Street1/5/18                  Home Depot                   - $20.00                        Repairs                       567 Oak StreetSo that when you share your spreadsheet, they can filter for what they want. 

For example, a 10% return (or reward) can be worth the risk if you are investing in a Class A single-family rental in a great market with an A+ tenant, but not worth the risk at all if betting on a 16-seed to make it to the Final Four in March Madness.Investors in mortgage bonds utilize the risk-and-reward framework when allocating how to invest capital.

I am planning to rent out this house to a tenant and I have a few questions I need clarification on.1) If the tenants change the utility service (PG&E) in their name how would it impact NEM 2.0.

Often times the only bill that is tied to a house is a utility bill (not power or cable which are associated with a house but tied to a person and not the property) and the new owner takes responsibility for it at closing when they take possession of the house.

Not sure I want to be in the utility business.

Utilize those connections for finding deals and managing rehabs.