I would just add that on top of interest, depreciation and repairs/maintenance there are many other things you can deduct, depending on your situation - things like home office, car/transportation expenses, travel, meals, books/education and many more.

I know this probably has alarm bells ringing at this point, the new guy that thinks he can make it buying up cheap properties in Detroit, but as David Green says in his book, a good property manager can have success with this.

I clearly explained the situation and that we would not need an agent on the buy-side, but definitely the sell-side, and she was immediately responsive and helpful.

You should read about the 70% rule and see if it applies to your situation. 

In my situation, am I gaining anything by renting it before refinancing?

Plus, at some point with multiple tenants, you might end up saying "no" to one tenant's situation and "yes" to anothers....and they talk, and they find out you treat them all differently.

In an exchange situation the IRS has ruled that a single member LLC will be a disregarded entity.

How would you restrict the situations that your termination clause would apply to?

Hello guys, would like to get an idea of what some of you would do in my situation.

So I have been doing my research, reading and learning as much as I can about investing, looking around for the niche that fits my situation.