Current expenses are $1300 per month (water, sewer/septic, taxes (property and 10 homes) and insurance (liability and homes).   

However, like other tax rules each situation is unique to each individual and there are regulations that must be followed for the deduction to be applicable.What is an Investment Interest Expense?

Some things to consider are: if minor maintenance is included, if they file the occupancy tax on the owners behalf, if they hire the cleaning service and if they "eat" the credit card fees or pass them onto the owner.

When water bills come in, I pay tenants water bills to the Water and Wastewater Department directly and they reimburse me the cost owed with their next months rental installment.

I know it is logical to think you could deduct half of the shared common space, but unfortunately the tax law wasn't written to allow that.  

"Just try NOT paying your property taxes, you'll find out real fast who really owns your property".

Hello tax experts, I have specific question on filing taxes for Short term rental property (30 days or less).

I've talked to one lawyer who looked over the title and taxes documents and said it's clear, but I don't fully understand what that means.

If he owes a mortgage on it maybe the rate is low and you can buy the property “Subject to” the current mortgage (take over his low rate mortgage and pay him the balance with seller finance at 6% to save you some $$).

If you’ve been paying him for work as its been completed, you can negotiate what if anything he’s owed for unpaid work and materials (or let him sue you).