Once converted to a rental, repairs and improvements may qualify as deductible expenses, but pre-conversion repairs typically do not.

@Anthony Becerra I believe you are looking for a pre-approval letter.

Having watched many prior co-workers get paid, cash their check at the casino, and promptly deposit it all into a slot machine I can tell you with pretty good certainty that casinos don't have a positive effect on disposable income and good use of the existing income in the area surrounding :)Are there solid local employers OTHER than the casino in a 15-minute drive? 

Is all this covered pretty clearly in the gov't handbook for landlords?

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

The idea is to use this property as an office space, giving me the separation I need from home while providing a place for my assistant to work where I can be more hands-on with them.The business would pay rent for the property, which would cover its expenses.

My plan is to funnel the rental incomes from all three properties, along with my W2 income, back into the HELOC while covering all expenses from it as well.

I’ll cover a few of those for you as well as try to offer some advice.

We are planning to hold it for 5 years and bought a rate cap to cover the entire hold period. 

Ch1 covers this exact idea.