Most CPAs don't do that,They don't for a good reason: it is fundamentally wrong.

I figure maybe between $8K to $10K a month when all is said and done.My PM teams have really been a blessing as they vet tenants with great benchmarks to find the best, as well as property inspections, and keeping me informed.I just got an e-mail the other day from my PM in Alabama telling me that they went to our property for its inspection and found it in great shape and commented that this tenant takes really special care of the house and the tenant told the PM while he was there that they would love to stay there for many more years (they will be resigning for their 4th straight lease.) 

Having bought at $370k, you probably have $80k or soo depreciation claimed over 8 years.....that gets taxed at your ordinary income  tax rate, Max rate of 25%.But, NO you can not Directly exchange this rental for an owner occupied property.....but you could exchange for an investment property, that Later becomes your primary, in maybe a coup,e of years.

If you ever find yourself in the E TN area I'd love to buy you Lunch.

Angie ShiresNed CareyTim JohnsonMax T.Kenneth GarrettMatt GrothLee BellMike DymskiLynette E. 

We use Quickbooks and send invoices via e mail, tenants pay via ACH.

Should I list it as an asset on 1 property on Schedule E, or is there a way to split it up between my active properties.

My wife would never give info the people unseen, either by e-mail, phone etc.

The fundamental truth is that you should not buy the house if the numbers don't make sense for you.

Your best bet is to stay east of E. 152nd, and north of the freeway.