For deductions, should I only use 20% (1 out of 5 BR) or is it possible to use the actual sqft (bedroom + shared area)? 

Goal: Build a passive income from rentals that will allow my husband, my daughter, and myself to live on mission for Jesus Christ.

@Isaiah Tademy, what insurance company do you use in FL that allowed you to list the land trust as an additional insured?

I start with thank heavens it's not California where you are not allowed to do anything to preserve your real estate against the ocean also known as the Coastal Commission.

Now I look at properties like a chess game, which one offers me the most opportunity long term (adding value via renovation, build additional units if the lot size allows, renting garages as storage units etc). 

But digging into old rental listings can help you get a better understanding of what their financials SHOULD look like, and allow you to put a real number on paper. 

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

As a section 8 landlord are we allowed to check the property once a month for issues?

Those rents that are under market need to increase at max allowed rent for the property to sell at its comp value in the future.

Then you work the land price backwards from what the city will allow.