Mortgage interest is  reportable you just have to split it across Schedules A and E.

Assuming a 5 bedroom could land me $2,200-$2,300 this long term rental approach isn't as good as rent by the room, butwould likely allow for break even but iAnother backup plan that was popular prior to the happenings of this year, was to Airbnb a space in the home.

well, ben, congrats on starting so young. i am over 50 now and i wish i would have started at your age. that being said, there is a lot to be said about experience also. keeping you DTI ratio down while financing real estate is going to be hard. after all, as your debt goes up, you need to increase your income an equal amount. obviously, you will have to take on some real estate on a contract basis, i. e., no bank loans. that way, you can claim the income without public knowledge of the debt. or you would need to find properties that increase your income without a huge increase in the debt amount. thats hard to do. crunch the numbers on every deal. if it does not fit your financial need, don't buy it. its pretty much that simple. 

The house is in unincorporated Decatur, Ga, a relatively popular intown area of Atlanta and probably won't be too hard to get new tenants (but what a pain)I've  come up with these terms -- please give feedback --I'll release them from the contract if we all agree in writing that:1) they understand that they're breaking a  binding contract and legally they are responsible for the remaining 7 months of rent, HOWEVER2) they are responsible for paying the rent in September, since they're not giving 60 days notice, BUT if a new tenant lease begins before October 1, I'll refund what they paid for September prorated for the days covered by a new lease.3) I get to show the house to prospectives before September 1,4) any costs incurred in getting the house ready for the next tenants will come out of the security deposit.Does this sound reasonable? 

Would be happy to grab coffee or lunch and/or invite you to the meetup group (if you want to PM me your e-mail address I can add you to the chain).My girlfriend and I bought our first property in Union City in late 2013/early 2014.

This is usually one of our more popular events.  

You report your rental income and expenses on Schedule E, same as always.

When you parrot the popular saying "if you find a good deal, it won't be hard to find a buyer", how about trying this one out for size: "if you find a good deal, it shouldn't be hard to find the funds"?

With buyers, I'm experiencing, among other things, folks who give me their contact info, tell me they're interested, yet don't return e-mails. 

My wallet doesn't have room for a costly surprises.