I turned lender based in St.

Additionally, there typically are additional state protections (outside of the agreement) based on where the fund is located.

If you tell the IRS it is an expense, it is no longer income.W2 income does not use a 2 year average for your base pay! 

I am just assuming based on what you said. 

As the state capital, it boasts a strong government and military presence, supported by the nearby Air Force Base.

Rentals are tough based on the rents vs the purchase price of homes out there.

Not all but a vast majority based on my doing deals in PA NJ WV OH SC etc etc. 

I'm going to reiterate what's already been mentioned above, but I'm going to actually give you examples of why it's relevant to you to find a U.S. tax professional.1 - You're going to need to file U.S. taxes once you have property down here, there's federal filings, state filings, and sometimes local filings too2 - Tons of tax treaties between the U.S. and Canada that are easy to miss and can cost you a lot of money (important one with rentals - effectively connected income - if the professional you talk to doesn't know what this is, run away)3 - The amount of days you spend in the U.S. needs to be tracked and if you go over a threshold, all of your worldwide income could be taxable by the U.S.4 - Selling real property means up to 15% of your sales proceeds might not be available to you for years (FIRPTA)5 - Lots of nuance at the state and local levels, which both want to take as much money from you as possibleMain takeaway here is that you should find a U.S. based tax person.

Or just wait until a year passes and he can rent it out  Following - I'm based in California in The Bay. 

We've invested around $50,000 in improvements (central air and hardscaping) and our mortgage is a 30-year fixed at 2.5%, with a PITI of $2400.We think it could rent for $3,750 - $4,000 per month based on local comps.