For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

Rent is due in advance and in full on or before the 1st day of each month without deduction or set off.

Mainly:Annual Depreciation (About $50,000 for 27.5 years)Mortgage paydownAbility to refinance and lower your payment when rates decreaseAbility to use tax deductions for rental property expensesAnd More!...

@Levi PerlKeeping your current tenant and going up that much high chance they move out but I agree with others that you need to do some market comps and see what others charge and what if any amenities they have compared to your home

The main difference is that you can't deduct the principal portion of your mortgage payment (even though it affects cash) but you can deduct depreciation (even though it doesn't affect cash). 

When you house-hack, you have a property that is both a personal residence and an investment property.As such, certain costs, such as real estate taxes, mortgage interest, snow removal, insurance, etc have to be prorated.There are other costs that, if directly made to the investment property section, can be directly deducted.

It doesn’t create tax deductible expenses you don’t already have. 

@Vinny Incognoli pro -> if you use the HELCO on primary to invest in STR you can take a tax deduction for HELOC mortgage interest on rental. 

You can take advantage of bonus depreciation and accelerated depreciation deductions to offset your passive income.With the 1031, you might have excess basis which is eligible for bonus depreciation. 

Is it a way utilize some tax deductions?