Lots of depreciation you will pay no tax maybe even shield some W2 income.B.  8k maybe 10k if you pick the right guy to lend your money to in interest income you will be paying much higher tax rate on this income FYI no depreciation expense. 

@JD Martin taxes and insurance are not debt.

However, I’d like to have a space of my own before living with others again (I plan to house hack again with my next property).I’m seeking advice on how to move forward, as I need to consider things like utilities, taxes, landlord/umbrella insurance, and managing the property, especially with someone renting my garage.Specifically, I’m curious about renting out individual rooms and living on my own for a little while.

It took a few months to correct it but they finally did.

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

The only purpose of the account would be to collect payments and pay bills like taxes and insurance on assets held by the LLC.

My dream is to achieve financial freedom through multifamily rental properties and live life on my own terms.Recently, I have been reading one book after another, trying to absorb as much information as possible, and am extremely thankful to finally find this amazing community.

Today was the final straw for me as I have come to realize you can not get a transaction report that shows a breakdown of deposits so I can show proof of rents received to my lenders.

Is an IRA subject to capital gains tax?

To attract investors, offer incentives like high cash flow potential and tax benefits, and structure the deal with clear legal terms and contingencies to minimize risk.Good luck!