You are required to file a complete and accurate return, which means reporting the income that you earned along with atleast the direct expenses that you incurred on your rental.There are two comflicting forces - Your tax accountant wants to be aggressive with deductions because it will entitle you to paying less taxes(now or in the future).Your lender wants to see as much income as that will increase your Debt to Income Ratio(DTI).The good thing is that you can speak with your lender about 'one time expenses', that were only incurred in that year and are not reoccuring. 

We use all of the same things except we use Guesty (When I started Hospitable didn't have owner reports which was a huge dealbreaker for me).

We've found it has superior reporting features, integration features, and is overall more efficient to work within than other REI-specific software.The downside is QBO is not set up for REI so you'll need to do that or work with an expert to ensure it is set up for your business appropriately.

Hello @Isuf Aruci What you are describing is a what we, in the AEC/Construction industry, typically refer as a feasibility report and/or property analysis.

@Tyler GilpinEach HUD office in every County publishes FMR ( Fair Market Rent ) reports each year.Just google Name of Counit HUD FMR and it should pop up.You might have to dig around to find it.Or call the local HUD office and they will point you in the right direction 

If the tenant knows they have to pay, they won't report the problem.

Now if you're just looking to make your credit report look better, that might work but not sure why that would be worthwhile unless you were just looking to borrow more consumer-type debt rather than hard asset notes. 

Financial Management: Property managers provide detailed financial reports, handle rent collection, and manage operating expenses.

Thank you Bill. ill add the other expenses and report back in a year! 

Part of the premise of hiring a manager is that they will manage repairs, including efficiency of repairs.Anyone can pick up a phone and throw unlimited amounts of money at a vague reported problem.