@Edward JordanI recommend a consultation with real estate tax accountant to discuss your options and potential tax implications. 

I have been a non-qm Account Executive for the last 2 years for a lender. 

Take your age and expected retirement & death into account.

When screening potential tenants, be sure to check for credit history, rental history, and ask for references from previous landlords or roommates.

For more info checkout IRC section 4975 or connect with a real estate-focused accountant. 

My accountant was able to have the tax office agree to let me pay it off in monthly installments.

It's about $200 a month, but it gives you full control over the tenants banking information so that if you need to bill them, make rent escalations etc you will have full control of doing that by taking the money right out of their account. 

Once you start to scale and/or need to use a loan in the name of an entity, you'll want to start an LLC for that and accounting purposes. 

If your property is located in the city of Detroit you can transfer the water to the tenant all you need to do is setup your account as a landlord account and you need to deposit $150, then once a new tenant comes in you tell the tenant to sign up as a new customer with the city and the water will be billed to their name and SSN. 

I had to put money on a personal credit card and I had to open a business credit card to cover.