Can any part of the studio apartment be tax deductible?

I just don't know if my DTI would allow for a second HELOC on another property if something disastrous did happen - like an earthquake or something (which did happen here 2 years ago).  

and Lakewood allows STR licenses on primary residence only. 

I'm not sure most brokers would allow people to do both, but not sure about that.Personally I have more than enough to do on the real estate side, I don't need to complicate it any more by adding mortgage. 

If your spouse meets all three tests, having them qualify as a real estate professional makes your rental losses fully deductible on a jointly filed tax return. 1.

Reporting each property separately on Schedule E is generally the correct approach, as it allows you to accurately capture the income and expenses associated with each property.

Section 8 will deduct utilities that the tenant pays from those figures.David KrulacBigger Pockets Podcast #82   

This does not necessarily mean they will not sell, but if it is in BK it would need to be approved by the trustee, and depending on the type of BK they filed and the size of the unsecured creditors the trustee would only allow it to sell to the public to get the best price because - they have to make sure they get what they can for unsecured creditors AND the trustee is paid based on what is sells for, so they will want it to sell for more.

I thought that, at least I could deduct property taxes, Interest, PMI and Home owner's insurance.I am being told that, basically, we have to treat the entire rent check as taxable profit because of our income.

The personal page will also allow for the agent to post their listings for the leads to easily look through.