All commercial loans will now have new covenants if borrowers do not provide timely personal financial statements, personal tax returns, business tax returns, rent rolls (if applicable) timely.Personal financial statements and rent rolls (if applicable) are due within 60 days of the expiration date of the personal financial statement.

I purchased a 1 BR 900sqft condo in 2021 with a depreciable tax basis of ~$275k and spent most of 2021 and first half of 2022 renovating the property (new appliances, flooring, painting, furniture, bathroom renovation, new kitchen countertops, new electric heaters, insulation, fireplace/pellet stove).

You can write off expenses like taxes, insurance, etc.

This has been a side thing for us, and our accounting has been old school manual spreadsheets, along with rent collection varying from tenant to tenant (Zelle, PayPal, cash app, etc…) neither of us are great at keeping up with accounting which makes tax time a nightmare.

Are you going to go to Craigslist and find the first person who claims they can do it and go with them?

I like Tahoe Reno, NV market because of the appreciation growth, low taxes, landlord friendly, and constricted supply. 

I noticed a few threads on here complaining about reasonable claims getting denied by the insurance companies they work with.

I don’t need to submit a No Tax Due Report?

BUT if you do you will pay tax on the difference.You've been told or you've researched and think that you will not pay tax on your original basis and that is correct. 

The basic rule for the amount of cash to have at hand is 3 months of ALL expenses as if the rental was unoccupied and you had to pay all the utilities on top of the full Primary mortgage, Interest, Taxes, and Insurance (PITI).As well, it's pays to have a bit more because life happens.Good Luck!