Hello All,  As I'm leafing through the MLS listings I came across this in the disclosures section under "property information" “Any licensed agent purchasing a REO property from Seller as a “principal” will not receive the ‘selling portion’ of the sales commission". 

Also, make sure you don't neglect your STATE portion.  

We will live in the 2bd/1ba portion and rent out the 3bd/2ba part of the house to cover the mortgage.

I am no expert but I believe that you should immediately start saving a portion of your rental income for future maintenance, repairs and vacancies.

After reading about real estate investing in my spare time for the last few years of school, i've decided to dedicate a larger portion of my time taking action with the relatively little knowledge i have acquired while i continue to keep my learning curve steep.

You may be able to use it on the investment portion of a multi family though, i.e., half of your duplex is treated as investment and half is not. 3. 

Then you can right off interest portion of your payments and your property taxes.

I pay my property manager 10% of my rent for their work so it is only fair that you take an extra portion but the amount is up to you.  

This will mean that you will have to file a tax return for the LLC at the end of the year and then each of your portions is reported to you on a K-1, which then flows through to your personal return.  

As part of the lease, many times a portion of the rent payment is credited towards the purchase price or down payment.