However, my root is here and my plan is to keep at least 1 local unit as a hedge on future house price in the local area, for myself and my kids.

Since the IRS recommends segmenting the depreciation into these separate categories, it will not raise an eyebrow, or RED light.

So, if we did rent we would be in the red at least for the first few years.

Finally, assuming you did not inherit this tenant take a step back and ask yourself what you should have done differently, where there any red flags, and is my screening process in need of any tweaking so I don't ever have to deal with this nonsense again?

Second, they said these tenants did pass all their usual checks, but another red flag for me is that my property manager only had called their current landlord as a rental reference - and that's it.

If someone was able to work through the red tape at the county airport and built a bunch of hangars, they'd likely make a pretty decent and consistent return on their investment.

Given all the red tape from HOAs and the general unwillingness of the average landlord to agree to a sublet clause in a lease, I'm particularly interested if anyone in the Chicagoland area (or any other metro really) has experience finding amenable landlords or owners who would be open to this type of rental agreement.Thanks for reading! 

https://www.dropbox.com/s/avklntrk6m3iy1v/05141810...I think the red is too "loud."

What are the red flags I should look for with the MHP?

My first thoughts were all red flags.