Unless there is a reason to submit your tax returns, you could go w2-only. 

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

Property Taxes Will Likely Increase After You Move Out•If you have a homestead exemption, it will be removed when you convert the home into a rental.

As a contractor I had to work for money, be at the mercy of the customer, jobs and timelines never seemed to go as planned, only to pay tax on the money I worked for.

Could VRBO users from Michigan provide some clarity about the topic of sales tax/lodging tax collection and payment to the state.

You'll need more cushion between your income and debt payments to account for everything else - taxes, insurance, food, living expenses, etc...

Foreclosures force the owner to sell because missed payments, probate forces heirs to sell a family members home, liens ultimately force a person to sell there homes to pay what they owe in tax/fines etc.

No state taxes, high appreciation, Economic and Job growth, Population growth, etc. 

Everytime you get close to depreciation running out (or want more) you 1031, expand your holdings, and your tax write off. 

-While rent would be more expensive month by month, the idea of being able to take my equity out of my home and also being able to reduce annual repair costs, property taxes, etc. does seem appealing to me.