I had to redo everything they did on my taxes. 

Tax and Legal ConsiderationsUnderstand the tax implications and legal responsibilities associated with rental income.

The same thing you claim on your tax return for your properties.

Then there’s this glorious tax season where you realize how many things you get to deduct that others can’t, while sheltering your income with depreciation, and earning tax free income with appreciation.

My monthly payments (mortgage, insurance, taxes) are roughly $3,600, leaving me netting about $4,600/month.I have four years left until military retirement, after which I’ll have a pension, some disability income, and rental income from this property.

Instead of evicting them, i was thinking is there some way that I could rent it back to him for very cheap (mainly to cover just the taxes/ insurance) ie 2k a year rather than the going rate of 2k a month for similar properties.

However, I’d like to have a space of my own before living with others again (I plan to house hack again with my next property).I’m seeking advice on how to move forward, as I need to consider things like utilities, taxes, landlord/umbrella insurance, and managing the property, especially with someone renting my garage.Specifically, I’m curious about renting out individual rooms and living on my own for a little while.

Preforeclosure owner finance wrap, paid off the default payments and taxes with cash and assumed the owners loan.

During escrow converted it to a Roth and paid the taxes.

There will be no assessment for increase in taxes or insurance so remains at $1935.