Market rents from the appraisal and/or the actual rents need to cover the mortgage payment, property insurance, taxes and HOA (if applicable).4.

The insurance company inquired about the age of the roof prior to finalizing coverage.

This allows for 45% of the effective rent to be spent on all your expenses (taxes, insurance, management, common area utilities, etc. - but not your mortgage payment), and gives you the net operating income (NOI).

This means if a window air conditioning unit or portable air conditioner was left in the home by the prior tenant, and you do not want to be responsible for maintaining or replacing it, it must be removed from the property prior to showing the unit for lease.    3. 

We would like to keep the operating revenue and expenses separate from our personal stuff but want to file them along with our personal tax returns.

@Gabriel OquendoI think both of the prior responses are great advice.

So far, we've pieced along different elements of this (different tax person each year, no LLC to one to now 2 this year, haven't yet used a bookkeeper...)trying to streamline systems and have a solid foundation for our fairly new and growing real estate portfolio. 

And taxes? 

For example, they can finance up to 70% of the ARV meaning, if you have a perfect 70% deal (purchase price and rehab are withing 70%) they will cover those cost for you.you will still incur closing cost, taxes, and insurance cost though for example.True 100% financing (ZERO out of pocket) typically requires solid relationships with private lenders or a combination of hard money lender and private lenders.

It's far easier to get repeat business from a prior customer than new business from a stranger.