Current CPA says you can form an LLC and take any losses as a K1 loss on your personal taxes. 

Personally, I'd like to see the return of more streamlined processes with the lenders (at least more so than they are now!). 

For materials and/or services for any of my investment properties where the contractor/person does not give me a receipt, I do one of two things:1).

With the rental being part of your primary residence, a majority of those activities such as lawncare and maintenance would just count as personal activities anyway.

Determining whether the venture falls under a service or rental business hinges on the provision of substantial services; for instance, if a bed and breakfast service is offered, it must be reported on Schedule C, triggering a 15.3% self-employment tax.Moreover, personal use plays a crucial role in the classification of the property.

Hi Sohail, I've got a great commercial lender that I have used personally and my clients have used for various commercial deals.

I've done both personally. 

If the buyer certifies that they are going to use it as the primary resedence and it has a use and occupancy permit that alows use as a personal residence then I don't see why a lender would not. 

If it is a multi-unit property, and you are the tenant without the cat, your agreement is with the landlord and it is their problem.IF you are either the landlord or the person with the cat, its the tenant with the cats problem. 

Another issue is these homes have standard 15-30 year loans in my personal name ..... so that is another issue !