You can take advantage of bonus depreciation and accelerated depreciation deductions to offset your passive income.With the 1031, you might have excess basis which is eligible for bonus depreciation. 

If you are not planning on living there too, you would only be able to offer a gift to that person and you would likely not qualify as an eligible gift donor unless you are closely blood related. 

I've even had the chance to secure cash-out refinances between 6.00-6.50% lately - keep an eye on the 5-year treasury, as 720+ credit and $100k+ properties will be eligible for rates that are about 2.5% over that daily treasury rate. 

Future rental income is not able to be used.Keep in mind that retirement assets (401K, IRA, etc) are eligible towards reserves, and so are any other investment accounts.Rental income is only used towards the income portion of qualifying, not towards assets.Hope that helps. 

If you lived in your primary residence for the last 2 years of 5 years, you're eligible to sell it and pay no taxes on the first $250K for a single person or $500K for a married couple.

Only the excess basis of $500,000 ($1,500,000 – $1,000,000) is eligible for bonus depreciation.

Here's a fundamental explanation to get your juices flowing:Assume a house costs $200,000 and rents for $1,500.

You can count up to 75% of the rental income from each unit BUT you have to pass the FHA self sufficiency test.The FHA (Federal Housing Administration) Self-Sufficiency Test is a guideline used for evaluating the eligibility of borrowers looking to purchase multi-unit properties (specifically, 3- or 4-unit properties) with an FHA loan.

To get into compliance, if it is even possible, you will need to speak to the city planning department to see if the property is eligible for rezoning, a special use permit, a guest quarters, or an ADU.

I believe in progress based on solid fundamentals and experience.