I do this every year, caviat is that it must be a single member llc, then you can combine it with your w-2 and deduct losses from your taxable income.

I need to learn more about this but I think the depreciation would only offset rental income (passive income) right?

I am a 29 year old male, married, with joint income living in Dallas.

On the application I did put a deadline for all applications and income verification.

If inflation impacts your income, it should impact your expenses.

These are also great, but are generally going to be on the other end of the affordability spectrum from the above, and the rents/incomes reflect that.Regardless even if the restaurant goes dark, there are a couple good things to owning a restaurant building.1) single tenant free standing building are the top of what retail tenants are looking for. 

I no longer wanted to have a single source of income.  

I intend to hold onto the property long term and yes I would be willing to live there if there was no income potential.

I'm anxious about making any financial mistakes that will cause me to be in hot water with the government since I am not sure how to report income from an investment property. 

Make sure the rental income comfortably covers your mortgage, taxes, and other expenses.