In regards to being full time in "passive income jobs", depending on what type of businesses you'll be involved with, your age, any active business associated in generating the passive income, etc... there may be ways to qualify as self employed and deduct the cost of your health insurance premiums when purchasing an individual plan. 

What that contractor charges will be deducted from your 3,000 dollars.

If interest needs to be imputed because you have more than 100k in Loan, you could still deduct the interest, your parents is deemed to have made you a gift, and you in turn paid them interest with the same gift.

If a tenant of real estate shall give notice of his intention to quit the premises by him held at a time specified in such notice, and shall not deliver up the possession of such real estate at the time specified in the notice, such tenant, his executors or administrators, shall, from such time, pay to his landlord or lessor, his heirs or assigns, double the rent which he should otherwise have paid, to be levied, sued for and recovered at the same times and in the same manner as the single rent before the giving of such notice could be levied, sued for and recovered.

@Matt Ferch Matt, you may lose the tax deductions but you don’t have to pay capital gains on real estate inside your self directed IRA either.

After rent is deposited and mortgage is deducted the remaining monies (profit) stays in the account and grows each month.

Regardless, the bottom line is that your profit would need to be recorded as income on your tax return after you show all related itemized deductions. 

Never use the security deposit to deduct fees or you won't have anything to cover damages.

In Colorado if a move in condition report was not filled out can land lords deduct charges from security deposit.

In addition, his principal paydown is about $1200/month, so his net impact to his net worth is $300/month before factoring in tax deductions or appreciation.