Quote from @Garry Lawrence: I need advice on a serious situation involving a property I’m about to buy.

I wish you well in your situation, this is never easy.

What's the best way to navigate this situation regarding the application process as well as the lease administration?

The 2008 timeframe was different and in situations a lot harder than now, but this market will shape a lot of investors that found their new market, product to focus on, and/or to dive in deeper when times get tough.   

Today I had a new situation and obviously can't advise on tax/legal matters, but hoping to get some insight from the community.Managing a property for a client who divorced her domestic partner last year.

The Only other deductions that I have right now are $154 for unpaid water bill, and $45 for the minor repairs mentioned (doorbell, blinds, shower).Questions for the group:Does $540 seem excessive for a cleaning charge, given the situation?

Knowing my situation, if my wife and I were doing something like this, I'd be OK with buying something sooner and cheaper, but my wife would prefer to wait a little longer to save more to buy something nicer.

When I looked into IRA accounts, I found that it didn't do service to my situation.

Whether you need a CPA with just three rentals depends on the complexity of your situation and your comfort level with DIY tax prep.If things are pretty straightforward, you might be fine with tax software for now.

We are targeting a 'house hack' situation where 50% of the units would be rentals, and above 50% would be our own 3LDK for family home...