If you are earning income of any kind, the folks at the federal government want their piece.

Tax implications are never based on local laws because we are talking about FEDERAL taxes.

Single member LLC is disregarded for Federal tax purposes

Depreciation recapture is taxed at a maximum 25% at the federal level.

This is going to keep prices up regardless of the Federal Interest Rate moving a point or two.

I have VA disability/Federal Deferred retirement/self employed1099 income, but isn't enough to qualify for a new loan on it's own.

Florida does not have a state income tax, therefore, you would only be required to file a federal tax return.Best of luck.

The laws and rules that govern will change from state to state, state to federal, country to country.

A lease is the way YOU want to conduct your rental so choosing one randomly/ already done may not be correct for you.Resident screening is very important but there are state laws and even federal laws (disparate impact as an example) that you want to be careful about.Having a few key maintenance people is very important as well because that is an area of great concern to the resident.I could go on but feel free to ask more questions. 

(e) While a person may examine and consider a criminal background check, credit history, or rental history in reviewing an application for rental housing, the person shall review and consider additional history in reviewing an application for rental housing, the person shall review and consider additional information provided by the rental applicant, including, but not limited to, personal references, recency and status of any evictions, and any actions taken by the rental applicant to resolve past evictions, credit challenges, or alleged damages, the recency and severity of any convictions, the violent or sexual nature of any prior convictions, the facts or circumstances surrounding criminal conduct, the age of the applicant at the time of the conduct, the age or vulnerability of the victim of the conduct, evidence that the applicant has maintained a good tenant history in the intervening time, and evidence of rehabilitation efforts, consistent with state and federal law, including, but not limited to, fair housing laws.