Hey @Callaway Pate.

@Maxwell Lee @Matthew Wasley @Arpan Patel I am in the process of building up cash for a down-payment.

Quote from @Shaival Patel: I am located in Cypress, CA (north OC area).  

@Shodhan PatelI cannot understand your situation, sorry.Seems like you have two properties - one where you live and another one where you have a tenant.Hazard/flood insurance on your own home - not deductibleHazard/flood insurance on your rental home - deductible against the rental incomeUmbrella insurance - deductible against the rental income, assuming it was purchased to protect you fromlegal liability related to your rental property (tenants and contractors)Renters insurance - cannot answer until I understand the "since we don’t own the current home outright in my name" part.Car insurance - not deductible.You absolutely do need to split the payments into deductible and non-deductible portions.

Dave Pate Sounds like you found a great opportunity.

Hello @Upen PatelI have a similar situation.

I know it is going to be hard to do after 5 years of being under the thumps of a brokerage.Take a look at your commission structure - what do you get after selling another agent's listing - that sold for $100,000 - the standard is at 6%, of that 50/50 for the brokerage and of that you may get 25% or $1,500.Now represent yourself - how much would you make if you controlled a property for $50,000 and sold it for $60,000 (maybe to your investor's list, by private treaty or public auction) you'd walk away from the deal with $10,000 - yep that's lots better than $1,500.Arpan Patel is correct, you've got all those listing on the MLS at your finger tips - new listings - ready to expire listings, expired listings, REO listings - commercial listings - land - lots and even non-conforming properties and businesses with real estate.All you need to do now is learn how to make offers (oh, forget abut your Realtor contract) you don't need 30 pages anymore - now that you are representing yourself!

@Robert Hale @Upen Patel is a lender here on BP that may be able to help you out.

@Kapil Patel I like it as primary residence but probably wouldn't look around there for an investment property.

@Kush Patel I will send you a colleague request.