If you are determined to do the projects yourself, I would budget a year for holding cost; maybe 6 months if you are not employed (taxes, utilities, interest, etc).

Thank you gentleman for the advice, I plan on utilizing all of the resources Bigger Pockets has to offer.

Once you buy the property, depending on the circumstances, you will have to call the utility companies to get everything turned back on.

P&I = $814/monthTaxes = $280/monthInsurance = $100/monthTotal expenses = $1,194/monthProjected rental income of $800 per unit = $1,600 total per month (all utilities paid by tenants)Projected profit of $406 per month (minus any repairs).  

The couple that is staying has been the ones paying the rent and utilities, so barring anything unforeseen, it should be business as usual. 

Lots of trails start with anecdotal info from neighbors, utility workers and code enforcement.

A friend of mine told me about Venmos and said it's used a lot in CA for roommates to pay each other portion of utilities and bar tabs and other things like that.  

Since I only depreciated part of the total repair cost ($5500+$3000=$8500) from 2012 to 2014 what happens to the remaining amount that I did not get a chance to utilize yet since I sold the property before I fully depreciated the improvements?  

This would bring my numbers as follows:Monthly Rent - 1500Principal and interest - 693Taxes - 1850 yr (154 month) estimating conservatively Insurance - 1200 yr (100 month) also an estimateCapex - 150 month Maintenance - 150 monthVacancy - 120 month (8%)No property management due the self managingTenants are responsible for all utilities (separate meters for electricity, gas and water.  

Hi all,Can/Should a homeowner with housemates claim the income (rent) and a portion of expenses (landscape maintenance, cleaning service, utilities, home repairs) on taxes as a business expense, if it is the homeowner's primary residence?