When you begin reporting rental income on your tax return, you can consult with a tax professional or use tax preparation software to ensure you're correctly claiming all eligible deductions and depreciating the expenses appropriately.

I am driven and prepared for the grind.

I feel having a restaurant tenant will help to fill out the rest of the space pretty quickly if the food is good.Here is a link to the property.

You may want to consider working with your tax strategist remotely to expand your options.I would also recommend looking for a tax strategist willing to work with you throughout the year, not just when preparing your tax return.

He was referred to me through my CPA, whom I also feel is worth the $425 I pay for her office to prepare the taxes and who has set me up on Quickbooks. 

Instead he would like to end the lease and has decided he wants to sell the property instead.He has proposed refunding all amounts that I have given him plus an amount for the time and sunk costs that I have already incurred into preparing to move in. 

Also, with conversions, even if the municpality does not require MEP drawings, I highly recomend spending the money to have an engineer prepare them.

I'm getting concerned because I know from all my BP reading/learning that expected PM rates vary from 5%-10%, so I was preparing to pay on the upper end of that to make sure I find a "Rock Star" PM (as BP books would emphasize doing).

You should be prepared to have your unit pass a section 8 inspection.

RentingFamilyMember is not interetsed in making money, just not paying the food, utilities, etc. of the SiblingRenter.(2) RentingFamilyMember's AGI is too high and Schedule E passive losses are limited.