If you have 2 years of landlord tax returns you should be able to count 70% plus of that income.

Let’s say we pay X amount in mortgage.My question is : how do I calculate mortgage/interest/property tax for other house which we have rented so that I can deduct that from rental income?

Before putting together an LLC I would study the following:- Understand what level of protection it actually offers you and understand how to operate the LLC so that you never jeopardize the "corporate vail." - Understand risk mitigation through insurances - Understand how building a rental portfolio under an LLC changes the debt options you use when closing deals. 

Hello BiggerPockets community,I am a new Real Estate Investor and would love to get some feedback on our strategy.Goal: Achieve sustainable income of net $10K/month, while the properties appreciate long term.

Investing in individual homes feels more like an arbitrage play where you need net income to exceed lot rent to earn a cash flow.

You could consider using a non-recourse loan for the remaining amount, but you'll need to be cautious about unrelated business income tax (UBIT) rules.

You’re trying to lose more income than a PM costs, while doing all the work yourself.

@Tyler Kowalczik- thanks for the post ....1) get pre approved for a nypotehtical  scenario  so that  you  can make sure you can get  financing and also  so you  can  become familar with the process  2)  you will need a  down payment of  15% or more   3) once you know what a  possible  realistic  loan payment  looks like - do your  reserach on  what  rental incomes  are  realistic  and  this should help with your  decsion making .....the prices are  high in LV ...Port angeles  or  P townsend  might be  better ......consider  Kitsap county  ( although its  been  increasing in value )

They can lend you up to $250,000 towards a down payment if you are a first-time homebuyer, live or work in the county, and meet their income criteria, which I believe is up to 120% of the area's median income. 

* I usually set #4,5 at 5% of gross income