It isn't always 100% tax efficient to do this, depending on circumstance)

I would pay the same income tax and add fica on the sched C.

And there is no function at all to import transactions from my property management companies, so I need to keep a separate set of books for things I pay and then have my accountant manually reconcile my books with the property management statements at tax time.Fourth, it's incredibly complicated and hard to learn, but the customer support is very limited and rarely helpful.

In year two on I'd make sure I didn't stay more than the 14 days to maximize my tax benefit.

Hi Babu,A simple rental property balance sheet will have the following accounts:Assets: Cash, tax and insurance escrow, fixed assets and depreciationLiabilities: Credit cards, security deposits, and loansEquity: Opening balance equity, owner's contributions/distributions, retained earnings and net incomeThere could be a number of reasons that your balance sheet does not balance.

If it's in disrepair and needs work before you can market it - things get rather unfriendly to you tax-wise.Next - what are your travel expenses?

Also note the loan will show on your tax returns.

Assuming you are at 80% LTV or lower, you do not need to escrow funds and can pay your own taxes and insurance instead. 

No W2s, 1099s, tax returns or paystubs needed, and no DTI calculation.

For instance, if we had 5 AC units go out, I couldn't cover that on a dime without outstripping my capex and tax savings, but I could probably pay off in a few months.