Something to consider is to "donate" a portion of the rent they can't cover if you need a tax write off.

You’re not creating a tax deduction you’re only pulling it forward.

That sounds like a smart move, especially with the tax benefits!

You normally report your rental income and expenses on Form 1040 or 1040-SR, Schedule E, Part I, when you do your taxes.* What do I do to ensure that my property is safe legally from any lawsuits?

Tax RepercussionsKeep in mind that every real estate market is different, so you need to adjust your strategy to the particular circumstances of the region you are investing in.

I’m looking for a real estate friendly CPA in the Central Valley California area (Tracy, Lathrop, Manteca, Stockton, Lodi, Modesto, etc) to help me with my 1st year of filing taxes for my LLC, taxed as S-corp.

Is this property tax deductible? 

My formula is not complex... something like this:High school rating > 8"(Estimated Rent x 12) - HOA - Prop Tax - Insurance @ 0.3% - Vacancy @ 5% of rent - Debt Service @ 8%" > 0I want to be able to customize the metrics, and find properties I can purchase as an investment.If anyone is an avid user of StockRover and their custom metrics, that is exactly what I am looking for - but for real estate. 

You can summarize your transactions yearly by SchE tax category to support tax filings.Hope that helps. 

How many of you have got your tax bill for this year?