A seller will typically view that as a deduction from the overall purchase price, so keep that in mind with your offer if you request closing costs.I believe the credit bureaus start people with a good credit score, though a bank will also be looking to see a credit history. 

I'd take a guess that even with depreciation, interest, property tax, repairs, expense, and mileage deductions, that with a short term rental situation, you'd have a tax gain.

Your tax rate is much lower and you have so much more deductions.

The beauty in having a rental property is the tenants pay everything, but you can still claim the interest deductions,etc on your taxes.+ My college roomate has 10 properties. he is a teacher and coach, not super rich.

She looked at FHA with 3.5% down and she didn't qualify without a co-signer because her tax returns only showed her making $20K after her deductions and expenses. 

In 5 years that’s $5000 per month plus all of the advantages of pay down on the mortgage, depreciation, interest pay down, property tax deduction and possible appreciation.It’s a methodical system.Good Luck. 

In the past I had always made extra principle payments on my rental properties and not on my primary as the mortgage deduction was beneficial. 

It's more accurate to say an LLC is a legal entity -- not a tax entity...at least at the federal level.The primary benefit of making an S election is the ability to reduce SE taxes by paying out a salary to owner-employees.If you're above the phase-in threshold for QBID (20% business deduction) and the trade or business isn't a Specified Service Trade or Business ("SSTB") an S Corp becomes even more compelling due to its ability to pay out W-2 salary and influence the QBID.There are a few other benefits as well as disadvantages to making an S election. 

Its all about deductions for business expenses.

If you mean that you first filed your tax return showing high income to qualify for a loan, and then you filed an amended tax return to claim more deductions and reduce your taxes - this is a very bad move, potentially classified as mortgage fraud and/or tax fraud.