Sorry, @Josh Stack and @Ryan E.. 

I've owned a duplex for a few years, and I have always just claimed the income and expenses associated with it on a schedule E.

A little dose of reality for those anxious to "get into the game".

As a licensed Property Manager for about 12 years, averaging 500 units managed, in spite of best efforts there has been occasion to encounter a less ...

For example, if there is an e-mail or text that takes about "here are the new house rules I also need you to sign". 

When he did send it over it wasn't even an E-Sign or DocuSign......I was out having dinner with friends and literally had to go to a Kinkos, print out a bunch of pages.....sign them......and then re-scan them back to him.

Analysis: of Deals and of Markets, People skills, Developing systems so you be more of an entrepreneur and not a technician (Read E-myth for this one)

A/E is always a considerable expense in any development budget.

Today, after having my realtor over to fill out a 32 page contract we get more paper work in our e mail this evening regarding having to go to a closing in NYC which is a 5 hour drive from our home!!

Ie, profit and loss from business to Sch E part 2, for rental, part 1, investment interest income, sch , cetain business credits, etc....

In the next few weeks, I'm going to list a 2-unit rowhouse in up-and-coming Reservoir Hill.