Your property management company should provide you a year to date statement on your rental properties which includes the income they collected on your behalf along with costs that you incurred from PM Fees, Repairs, utilities, etc

Done correctly, you can work deals with neither risk nor upfront cash.  30 years ago lease option assignments was my start in this business and I still utilize this strategy today. 

I hear that I should utilize cost segregation to calculate my depreciation in this first year of renting, but every calculator I find starts with the question "How much did you pay for the house?".

If you're looking to build a rental portfolio in Detroit, I would suggest utilizing government programs like section 8.

Assuming 25% of your property is used exclusively for the STR activity for a full year, you'd be able to utilize bonus depreciation for 21.25% of the original installation amount (subject to recapture).

Incentivize their utility costs and construction.

They pay more because it is furnished, utilities are included, and less hassle.

If you can’t afford professional photos you shouldn’t be house hacking.Make sure your listing description includes the following items:RentIs utilities included or not?

For example: 975k for an old (100 years) place with 100k income and 27k property taxes and owner paying $8,200 in annual utilities plus insurance and maintenance costs. 

However, while utilizing one has no costs involved, it performs the best from a tax standpoint with properties that have a gain of $300k or more.