Form an LLC:Purpose: Establish a separate LLC for the rental portion of the unit.Ownership: Lease the rental space to the LLC, which will handle all rental income and expenses.Lease Agreement:Internal Lease: Create a lease agreement between myself (as the homeowner) and my LLC (as the tenant renting the rental space).

This IS the best place online for Investors to chat, Q&A, learn and create relationships.

Interview a couple of management companies and get their income projections, but definitely be conservative. 

Credit scores are an important indicator of tenant worthiness, but I have also heard that $60k a year (in most markets) is the magic number/ minimum income number for most good tenants.

Everything here was calculated online using mortgage calculators ect so obviously not exact.

Personally I would rather have the $260k now and invest it and get 8-9% than $100k now and get 6.75% over the next 30 years which is taxed as ordinary income...

Our combined annual income is $150k, with somewhat limited potential for salary growth.

I was using Stessa before but it didn't allow you to account for other income and expenses, like salary, groceries, ect. 

Hey Ajul, that bonus depreciation is no longer at 100%. in addition to that, you need to qualify as REPS or be using the short term rental loophole to even be able to take advantage of that deprecation against your active income.

Buyer's have to have at least 620 credit score and income below either 126K or 95K.