Generally for tax "activities" are reported by "trade or business." 

There are a couple of ways to do this depending on how you vested title and if you got a title report before starting the process.

I will disagree that "licensing is easy to get," as the NMLS test is hard to pass AND even if you do, your entity must now begin quarterly and annual reporting to the NMLS System.Also, under Dodd Frank, if the above apply, you are probably required to document the borrower's ability to repay, and service the credit agreements/loans under the strict Dodd Frank loan servicing rules. 

.- Request a loss run report for past 3 years.- Bank statement for last 3 month providing proof of rents deposited.- any addendums to the leases and all recent notifications that were provided to the tenants (IE rental increases).Try to be present for the inspection as a lot of inspectors share information that you otherwise won’t find in a report. 

I've got a duplex report posted here and I'm looking for that great BP advice. 

View report*This link comes directly from our calculators, based on information input by the member who posted.

I have been installing the same stuff (Tranquility) over the past few months but I haven't had any of it in long enough to be able to give you a report other than it looks great after being installed. 

From what you describe, assuming that existing rental income is honestly reported on your tax returns, you should be able to count both rental income from the existing property, and projected rental income from the other units in what you are buying, assuming a local REI-friendly lender with minimal/no overlays (those are the reason why you see conflicting stuff online). 

I told my realtor that this is bothering me and he says we could send an offer for $220k based on the home inspection report, but would caution me to not ask for more than that.

-She didn't report a leaking toilet and it caused the ceiling of the bathroom floor below to collapse and I had to pay for expensive repairs.