Or you're constantly doing adjustments at year end for taxes.Other income statement items:HOAUtilitiesAdvertisingRepairs/MaintenanceProperty TaxesInsuranceBank FeesMisc/OtherEssentially, just pull a copy of a Schedule E from the IRS website and copy those categories.Balance Sheet items will be:Capitalized ImprovementsEquipment/AppliancesMortgage Payable

What are some smart ways to adjust?

@Buddy HolmesIf you are a SC resident, the state of SC will also tax your GA income, but you give you a tax credit for the amount of income tax paid to GA.SC computes your net taxable income by starting with your federal taxable income, then adjusting for tax losses you had on your out of state rentals. 

If not then you will need to adjust your strategy.

I have not yet seen the inside of this property but it was remodeled about 10 years ago (sale records indicate it was bought and flipped around that time) and contingencies would be in place to back out/adjust if the property has more than minor cosmetic improvements need. 

I will keep the changing climate with regard to mortgage investment I mind.

Then I started thinking like an adjuster again.

The corrolary is that I would also prefer borrowing at fixed rates instead of adjustable rates.

I would reject them for too low of an income; in fact, I won't even accept their application without them listing sufficient income - saves a rejection letter and other screening work.And remember, in this economy lots of jobs were lost, and those unemployed people have to get a new job, and might have to adjust their living expenses down if the income gets lower.

@jonDo you view RE as just another TIP where you get a fix rate (i.e. cap of 6-8%) and a 2% inflation adjuster?