Quote from @Ashwani Singh: Has anyone got an excel sheet that is good to maintain your month by month rental property management expenses and income?

TenantCloud: https://www.tenantcloud.com/Inaggo: https://innago.com/RentRedi: https://rentredi.com/TurboTenant: https:/turbotenant.com/Avail (Realtor.com): https://www.avail.co/Minimum requirements:-Low (<$20/mo) or No Cost-Listing/Syndication-Background Check (Credit, Criminal, Eviction, Income)-Application and Lease with eSign-Automated Payments (prefer an option without fees)-Easy to export financials for tax purposesQuestions:1.

Through depreciation, particularly accelerated depreciation and bonus depreciation, you can typically offset all rental income such that there is no taxable income from your rental . 

Problem is only "RE pros" get to do it.There are 3 income classifications in the US - Active, Portfolio, and PassiveActive income is income derived from your job, or normal trade or business.Portfolio income is derived from bank instruments - stocks, bonds, etc.Passive income is income earned from investments.Active losses can wipe out both passive and portfolio income, but it doesn't work the other way around.Portfolio (capital) losses are limited to $3,000 annually.Passive losses can only be offset by passive gains.Real estate rental income by its nature is deemed passive per IRC Sec 469One way to get around it is to become a pro - spend more than 750 hours or 1/2 your time in real estate.But most folks aren't real estate pros.

Imagine what our grandparents paid for TVs relative to their income, for a 12" BW box inside a cabinet that weighed 300 pounds, especially in today dollars . .. . 

As for getting a HELOC, it's prime + index (fluctuates based on the market), so to answer your question, if you are able to qualify by yourself, then it's always a better option to get a loan solo, then use your spouse's income as a backup for future investments. 

Right now treating it as interest but would like to make it active income to do a solo 401k .

The problem is, airbnb income is not considered "stable" so for qualifying purposes there isn't a way to project that accurately if there isn't any previous rental history for the property. 

If the borrower defaults, the lender can pursue not only the collateral but also the borrower's other assets and income to recover the outstanding amount.

RE Pro Status supercharges this.If you or your spouse are an RE Pro, your LP investments can lead to depreciation offsetting both passive and active income.If you are not an RE Pro, the losses due to depreciation can only be used to offset passive income—such as income from other rental properties or other passive investments.This post is misleading ...