Nothing unique here.

Sure, we can speak in very broad terms and say that your AGI will increase, or you will either take passive losses or they will build up over time, but none of that information will help you because it isn't specific to your unique situation.

@Sam BrownYou are in a very unique and advantageous situation in that you actually have two different pieces of real estate there.  

Firstly I should say that I am the tenant in this case -- I joined these forums a while back because I was very close to being a landlord myself, however this case involves my current rental situation with my landlord.I have a unique living situation.

My are us unique though as the students only pay rent 3 times a year.

My husband and I seem to gravitate toward funky - the more unique the better.  

I am in the process of building my knowledge of the real estate market and am itching to get into my first deal...already to the point where I've had to pull myself back from jumping the gun and going after shiny objects :)Looking forward to meeting as many people as I can, learning from you, and building great relationships!

An attorney or knowledgeable seller might have a few objections also.

BP is unique in its charitable approach.

I haven't run the math but I bet that would work.The downsides are the lack of parking and the fact that the other tenants and condo assoc. might object.