A miscalculation can eat up your profits fast.Speed is Key – The longer you hold the property, the more you pay in interest, taxes, and utilities.

:)As for LTR rental terms, usually we sign a 1 year lease where tenants are expected to pay Electric and Gas if applicable, while the owner typically pays water/sewer/trash with the city. 

Unless you have a Roth, you can easily pay much more in taxes by investing in real estate through an SDIRA.

Went on to purchase additional rentals so tenants can pay down the loan and I build equity How did you find this deal and how did you negotiate it?

U will never get a dime of rent and you are going to have to probably do as you stated find your own attorney.. its better to leave property vacant than to rent to folks that have terrible credit.

You will report worldwide income on your federal and Kansas tax returns.You will also include the MO activity on your KS return.Your MO return will only include the acitivity within that state, which in this case, is the rental property.In the future, if you have income in MO(either through the sale of the property or through rental income), you will pay tax to MO but KS will give you a credit for any taxes you pay to MO.best of luck

Someone else pays your mortgage.

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

The loan on this house is $1,200,000.I moved in to my new primary residence by the end of the month.Starting July, my original primary residence was available as a rental and was being shown to prospective tenants.My new tenants signed a lease that began a couple weeks after showing, in July.To calculate my primary residence mortgage interest deductions, i'm using the following formula:650,000 / 2 = $325000 loan from January to June1,200,000 / 2 = $600,000 loan from July to December$750,000 limit / (600,000+325000 total loan value)  = 0.81 multiplier(0.81 * $X first house interest) + (0.81 * $Y second house) = total interest payed i can deduct from my primary residencedoes this look correct?

I do not know who to contact who can do any real inspection like this and am reluctant to pay a retainer, when I have no interest in spending 50k on a lawsuit to collect the same amount.