I take a picture of their driver's license.I ask for phone numbers that accept texts and any alternate land or business phone numbers.I ask for the names and birth dates of anyone under 18, and ask if there are any service / emotional support animals, together with their names and breeds.I also ask for personal references, previous landlord contact info (and length of time there), employer contact info (and how long there, together with earnings), as well as the name and contact information for their manager / boss.

You must report rental income on Schedule E and can deduct rental expenses like repairs, maintenance, property taxes, mortgage interest (allocated between personal and rental use), and depreciation for the rented portion.

It's crucial to consult with professionals experienced in 1031 exchanges and partnership dissolutions to ensure compliance and optimize tax deferral.Given the complexities, seeking personalized advice from a tax advisor or attorney is highly recommended.

Was that person me or another person as that sounds like something I have been telling people? 

So I wonder if I can sell my home in Idaho, purchase the new one under my personal name, then how many months or years must pass before I can setup an LLC as the owner of my primary residence, or if you think that will be a good idea? 

If the person stops making payments, they alas,  have to foreclose.

None of this has anything to do with your personal tax return.

@Matt Solis would be the perfect person to speak to about this!

$6k tax.Ins,hoa, not to mention utilities . took out a HELOC off of our personal home ( res.worth $900k, and a 260sq ft studio, mtr. $1450 mo.) for$ 220,000 for the deposit.

Imagine making millions of dollars over the course of your career and then having to pay 30-50% every year to uncle sam instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they just buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of best ways to end up with a much larger net worth at the end of your career.