Remember, if you decide to sell in a few years, any bonus depreciation comes back as ordinary income. 

I would tend to agree with the other CPAs typically.The 500-hour test is one of seven material participation tests used by the IRS to determine if a taxpayer is actively involved in a trade, business, or rental activity. 

Does your mortgage include your property tax payments?

In California and Florida there are two State run plans of last resort (Cal Fair and Citizens respectively) for the otherwise uninsurable; properties that private companies have already deemed too risky and are effectively subsidized by taxpayers.

The Landlord will verify that the rental is empty of all personal belongings and trash and that there is no damage beyond ordinary wear and tear. 

Pics show like it's just an ordinary house - well taken care of like 731 Pine Ave.

Not sure if everyone here knows, but I represent taxpayers before the IRS.

The appraisal district shortly thereafter corrected the tax allotment “anomaly” between the two lots, but the investor never made a tax payment and eventually lost the lot to a tax foreclosure.  

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.

The interest on the rental is an offset to rental income, and is by definition deducted from your taxes.A 4% interest rate on a primary is like a 4.88% after rate for a taxpayer in the 22% federal tax bracket, or higher if in a state with state income taxes.