Unlike passive rental income, the income from an active trade or business is subject to self employment tax (a nasty 15% tax commonly referred to a "social security and medicare" by working folks).

Some things they consider acceptable....moving in grown children and their live in partners, pets without landlord permission,  modifications to unit without permission, bringing in curbside cast off furniture containing bed bugs etc.........Finding regular tenants that pay on time will be far less work and stress than S8.Additionally inspections can be a major pain.

I'm having my resume rewritten but don't expect to earn more than $35k at a regular job (but I need some decent health insurance).

In the future, any similar situation, hire someone else to do the work, show the Tenant the receipt, deduct the amount from the security deposit.

What are the disadvantages and advantages of a 203K FHA and the same for a regular FHA ?

But they need a security deposit of around $1500 .  

i.e equity 40%Do you review your list and adjust regularly? 

The line is properly capped, turned off and secured when the tenant leaves.

Also, am I allowed to deduct the cleaning supplies I bought from the security deposit as well?

Congrats so far, anyway.As a rule of thumb, so long as its gross rent per month is at least 1% what you paid for the property, you should be able to leverage it up to about 70-75% LTV before it starts to regularly cash flow negatively.