That's not factoring in depreciation recapture, which will cause additional tax.

If anyone can offer some info on how to best structure something like this I would really appreciate it.As additional info, I plan on buying in an LLC with a commercial loan.Thanks in advance!

We were informed 2 days before moving in that they only had a temporary CO and that some additional electrical work needed to be completed. 

Don't forget that you need cash  reserves and closing costs in addition to the down payment. 

@Cynthia Miller in my state it costs $750 to set up series llc then $50 for each additional series.

I am more interested in learning about the best way to collect and report rental income and also learn any key things I need to do in order to make sure that it will count toward my yearly income so that I can qualify for additional loans in the future. 

Sometimes, Additional or accessory  Dwelling Units are allowed but local owner must still occupy the residence.

Additionally, I am a finance and commercial real estate attorney and I'm hoping to have the chance to develop relationships and clients in the Pittsburgh area. 

Those that have housing would not be able to do it as it would be additional income making a paperwork nightmare when the renter paid late or early.

In addition to encouraging you to join TRIG I’d encourage you to also check out the Hampton Roads Landlord Assoc and Rent Ready Norfolk.