Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

For example, I see newer investors attempting wholesaling or bird-dogging for other investors to generate additional income to invest.

It's becoming very obvious that this isn't a sellers or buyers market, but an attempted suckers rally.

Ending conservatorship may be a lower priority endeavor for the Administration, but they want to do it.

If you are attempting to use income for the non-conforming unit, they will need to verify that it can legally be used as a rental unit.

There are several other issues with this; but just know at it's core it's an attempt at tax avoidance-not tax reduction.

My original plan was to utilize a real estate agent to be my property manager that I met through a Dave Ramsey referral program, but I'm exploring if I should attempt this on my own.  

If I would have bought a sustained portfolio with multiple units rather than starting with a single purchase I truly believe I would have lost a lot of money while my systems flailed rapidly attempting to catch up. 

After multiple attempts to stabilize my operations, I was compelled to file for Chapter 11 bankruptcy.

Wishing you all the best in your investment endeavors.