I don't plan to ever sell, maybe a 1031 tax exchange but without being a real estate professional I'd like to know how to take advantage of the losses.Otherwise, I am just hurting my debit-to-income ratio for no reason that I am aware of

Probably for you the best thing to do is to get an Estoppel agreement from current tenants showing rent, deposits and pre-paid rents, terms, and anything they own in the unit (re: appliances) and a signed lease and deposit from the current owner who will stay.

You will want to have the security deposits and any interest be debited from seller and credited to the buyer through the closing.

His equity debit card?

Thanks @Reid Chauvin, @Greg M. and @Theresa Harris for your input, that's what I thought too, the house have ceiling fans, it is not inhabitable, maybe some discomfort, I offered $400 debit.

The way I used (as a foreign) to build credit was to buy a prepaid credit card (basically they hold $500 from my checking account and gave me $500 in credit.

Current set up:$313764 purchase price/ 5% down conv $8000 builder credits$9000 commission towards down pymt $5000 earnest money$4000 gift$6000 additional cash Paying $8942 points for 5.75% Paying $7064 up front pmi$7744 estimated closing costs $2790 prepaids Lender says need another $10K to closeDebts $640 (lender says add an additional $174 on top of $640 because 2024 taxes without homestead exemption on newly converted rental.

I look at turnkey properties as having prepaid all of your CapEx up front.

Having a bookkeeper that not only understands "debits and credits", but also understands the various operational, financing, and investing activities specific to each "type" of real estate activity is worth their weight in gold.

Depending on your financing, some of the DSCR lenders or hard money lenders may be requiring a full year of prepaid interest upfront or in liquid reserves, so you can see how much of a variety there is in lender's requirements.