Now, I know you were asking about rental income...and that you can find in the comps too. 

Did you have the rental income coming during the first year you owned or it was vacant? 

If you are audited and the IRS looks at your 1031 and there is only your word against your actions, you're going to lose the audit.I totally get you wanting to avoid those nasty ordinary income taxes. 

It's a great sign that the tenant is *asking* you before letting his girlfriend move in so you should treat them as any other tenant application: - credit app- background check- income check etc. 

Second homes cannot be utilized for DSCR loans because they can't produce income to qualify.

Even though we have a history of rental income at that property and a 2yr lease in place.

However, looking to leverage real estate to generate income and or future wealth.

Sure, what you do will affect those latter two, but nothing about the realtor.Perhaps with in your setup the lawyer and accountant may need to confer, but the accountant will prepare the return according to whatever income/expenses you provide and whatever legal structure your lawyer puts together for you. 

SBA won't loan on the gambling income, or anything passive- your bottom needs to be in the gas station chair.SBA loan now takes LONG processing time unless you go direct.

Hint: if there's only one box for the rental income then enter the combined rent from the purchase price.