It's listed above the price that is owed to the bank so if it sells now, the owner will get the balance after the bank is paid off right?

@Jason BocekIf you plan to file your own return - You should look into reading the following form instructionsSchedule E - supplemental income and lossesForm 4562 - Depreciation & AmortizationForm 8582 - Passive Activity Loss LimitationsHowever, you may be better off find a professional who can prepare your returns correctly and provide you tax advice.Your rehab expenses may need to be capitalized if it was paid before the property was livable.You should be entitled to other expenses outside of interest, taxes, insurance(remember paying down loan balance is not a deduction).You should interview a couple accountants here on BP.

Next it should state that any monies collected from the tenant will be applied first to the balance of the tenants unpaid utilities and then to the rent.I am not an attorney and I don't play one on television.

You will place the property in service, once it is ready to be rented. ( rehabbed and advertised) 2) About which year to capitalize, you capitalize whatever you have spent in 2017, and it flows through your balance sheet as an Asset.

Bottom line, if you are trying to get a 2 unit to cashflow properly, especially in a hot market like Orlando, it's difficult.

It's not cash-flow, cash-flow, cash-flow, it's about finding the balance between cash-flow and tax benefits (for me anyway). 

I'm not completely solid on what balance I will find between commissions from investors, commissions from more traditional home sales, and cashflow from rentals, however I'm diving into it with an open mind to see where I find opportunities. 

Just got my real estate broker license and setting up the foundation to the broker and want to get everything set up properly via necessary online software/programs.  

It sounds like they didn't properly price it out for you to begin with or they simply told you what you needed to hear to get the process started.

You should set up your leases as converting to M2M at the end of the first term with monthly auto renewal unless one party gives proper notice to terminate.