Easiest way to avoid this issue in the future, if your lender will allow it, is to pay your own insurance and property taxes.

Under the Tax Cuts and Jobs Act of 2017, interest on such loans is typically deductible if used for buying, building, or substantially improving the taxpayer's home that secures the loan.

If you live in it, depending on your tax position these carrying costs may or may not be deductible.  

Buy a home or condo with as many rooms as your budget allows.

For myself, I think my ultimate goal is to have an alternate cash flow to offset my dependence on a day job, which would allow me to choose a job I enjoy rather than have to find a job based on salary and ultimately allow me to travel with family more and enjoy life rather than stress about money.Thanks in advance and hope to connect and gain wisdom!

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?

Anything received before that period is already part of your bank balance so they usually dont get digging beyond that.I work with a company that allows gift funds for DSCR loans however whether that is allowed or not varies with each lender.

Indio) that allow STR. 

Understanding the different policies and your risk exposure is properly the most important thing to understand.Understand your deductibles and what is covered with your specific policy (i.e, is sewer back up included, flooding)You can always get an umbrella policy if you want some additional insurance.

Quote from @Jess Keller:  Unfortunately your sign doesn't actually do anything to prevent excessive noise, parking problems, fireworks, property maintenance, trash, pets, unpredictable neighborhoods or anything else related...I am for allowing STRs in mixed used zones and against allowing them in residential zones.