You must report rental income on Schedule E and can deduct rental expenses like repairs, maintenance, property taxes, mortgage interest (allocated between personal and rental use), and depreciation for the rented portion.

Happy to discuss this further on what might make the most sense for your end goal.If you are renting right now and starting your path in real estate investing, as said above, I really do like the house hacking strategy for your situation.

But your returns will likely be stronger in New Orleans over Baton Rouge. 

Consulting a tax professional now can help structure ownership and financing efficiently, ensuring you take full advantage of deductions, depreciation, and potential tax-saving strategies like 1031 exchanges in the future.This post does not create a CPA-Client relationship.

It’s great to have you here, and it sounds like you’re in a fantastic area with lots of potential.

Quote from @Enrique Toledo: I came across a really good seller financing deal and I would like to purchase it as my first deal but I don’t have enough money for the down payment.can I use a lender of some sort to give me money for the down payment?

A number of things seem like memory loss. 

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!

To transition to multi-family properties, research landlord-friendly states like Texas, Florida, Tennessee, and Indiana with favorable eviction laws, lower taxes, and higher rental demand.

How do I access a portion of that equity to fund the purchase of 1-2 more MFR properties in more affordable markets like OH, IN, MI, PA, TN, or AL?