J Scott's book on flipping houses and this https://www.biggerpockets.com/files/user/biggerpo/...I'd say are must reads if you're considering either or both. 

Read the book "Lawyers are Liars" by Mark J.

I would appreciate if someone could help me answer my question or tell me a book, podcast, blog, etc... where I can find more information about this.

You would not itemize unless your itemized deductions are greater than standard deduction 24k for married. 

I book the water bill as a receivable.

I always recommend you start with books that can answer the biggest questions:1.

I’m new in this and I’m super excited to learn everything that I could about real estate , any recommendation about books that I should be reading ?

Here is the real issue...there are no set standards for what banks loan for. 

There are many additions that you could research around the web but for free and with an eye on local use Its great: http://my.mnbar.org/residentialrealpropertyforms/viewdocument/rpf41-minnesota-standard-residentia

Are you looking for book recommendations or anything else in particular?