It would be same as saying you also owe future taxes and insurance.

Work with an experienced tax planner/strategist specializing in real estate and not merely a general tax preparer.

The Housing Authority isn't out to alienate landlords nor cater to clients who violate their contracts with the Federal Government.  

What would be the best way to do this for tax purposes, liability, and breaks?

A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.The site has quite a few tools that can be helpful for new members.

And the property assessment would need to be changed, and of course, taxes increased, as well as separate utilities.

Do realize that property managers must have separate financial licenses and bonding in almost every state and being a Realtor who does “property management” provides zero protections for you. 6, Do realize that living in one state and renting in another can under certain circumstances require you to answer litigation and issues brought in Federal Court and all of the end user agreements with every online service or local Realtor property management contracts will leave you alone and swinging in the wind. 7.

Hello everyone, I need some help with my taxes.

Tax Benefits.

Those that respond “$0” or something ridiculous, you can request income documentation from them to justify.Don’t be afraid to share with them how much your property taxes & Insurance increased and that YOU cannot afford to absorb them.ALWAYS get an increase or something of value annually or tenants will start thinking they should never have an increase, making future increases that much more difficult to negotiate.