I would also note that you should assess your savings, income stability, and ability to manage expenses as that plays a factor.

Once the home is under the LLC Ownership, am I able to deduct expenses/mortgage interest payments from my own personal W2? 

If it is in an area with a bunch of expensive permits and replacement costs, no way I'd pass on inspection.Clint

and are they expensive? 

Is the remaining 2/5 of the total paid toward discount points a deductible expense at that point, or will that portion never be deductible?

In my case it involves a lot of expensive equipment, knowledge of flambient photography, a mastering of Photoshop, and a lot of patience for processing multiple exposures plus flash for a single finished photo.

Anyone from a housewife with no work experience to a former Navy enlisted sailor can become a realtor in 8 weeks and THEN help a Buyer or Seller make decisions on the most expensive asset most people will ever own. ( Think about that for an hour or two) The real purpose of Real Estate School is to familiarize a prospective Agent with the Laws that the BROKER must follow and keep the BROKER out of trouble. . 

Leather is expensive but may be more durable.

Your Passive Allowed/Activity Losses (PAL) will be reconciled on f8582 and brought onto SchE if allowed.Again for rentals, its basically your Rents - expenses - depreciation.Does that help?

Hi Robert, As with any home of any age, first check the cap ex Items to see what your major expenses might be.