I already have a primary property and was looking to invest in a secondary property for renting purposes.

For income tax purposes you can separate the residential from commercial.

However you determined whether you capitalize it or expense it, it should be treated as such in both accounting and tax purposes.

Looks like a CFD does serve purpose. 

Last year I discovered BP and made it a priority to become an ‘on purpose landlord’ and treat our upstairs rental unit like a business.

All in all, if you're new to this, it's a case of you don't know what you don't know.When I started, I attended the local REI meetings, and they have CPA's coming by giving talks on various subjects, with the purpose of soliciting business.

If a second person is on an LLC it is considered a multi-member LLC and is taxed as a partnership.In community property states, you can treat a multi-member LLC, where the only members are a husband and wife, as a single member LLC for tax purposes.

It’s tough to find deals but there is definitely a great opportunity to owner occupy in JC and I’d choose it over Bayonne for that purpose.

Hello,I recently obtained my real estate license strictly for investment purposes.

You're own housing serves two purposes.