You mentioned buying a MTR condo.Is your income below $150,000 or are you able to claim real estate professional status?

It sounds like the reason you wanted to do this was to achieve Real Estate Professional Status. 

At a high-level, I'm looking for a single page that will show the entire health of the property, from income/expenses, to debt coverage, capex, ROI, etc. 

When I approach them for financing on my next property, I want to avoid raising any red flags due to my relocation and the status of my Tennessee home via how I file taxes in 2024 (i.e STR instead of my primary as it was originally intended).  

This active income can help me fund my retirement as well as help me get reimbursement for home office and health care premium while lower my tax liability.

My plan is to maintain the status quo and benefit from annual rent increases and equity gain as the tenants' rent covers the mortgage.

My plan is to maintain the status quo and benefit from annual rent increases and equity gain as the tenants' rent covers the mortgage.

Owner only gave us $2k to work with, so we took care of Health & Safety issues (to avoid lawsuits) and did our best to spread out the rest to make the property look "decent".

@John Zhang If your wife qualifies for Real Estate Professional Status (REPS) and materially participates in managing rental properties, there is no limit on the amount of rental losses, including depreciation, that can offset your W-2 income.

I like fitness and health and just like those two things, real estate investing is NOT a "one size fits all" solution.