There is a schedule E for each property so everything must be broken out per property.

However, when the lease expires in 5 years, if the tenant were to leave, I don't know how long we'd have to wait to get a new tenant, how much renovating the space for the new tenant might cost etc.

These are the numbers from the Schedule E taxes for repairs and utilities.

I liquidated all of my Ohio properties recently and was able to do so unscathed thanks to the recent run-up in prices.

Find a realtor who is willing to take the time to educate you, you set the expectations and who knows, the realtor may have an old / expired listing - voila!

According to NOLO:The one thing you buy for R&E that you cannot currently deduct under Section 174 is the entire purchase price of long-term property.

We have some start up capital, roughly 100k liquid and about 100k total equity in our home (so 70-75k theu HELOC or cash out refi).  

I have created a website before using Shoppifys platform for e-commerce, but those seem to lack the capabilities that a real estate website will require for functionality.

Expenses for the tenant occupied portion are fully deductible, likely on schedule E.

You can also ask them for their Schedule E tax return which shows the income and expenses.