., tax implications, insurance, etc.)? 

Does anyone know the rules or limitations concerning keeping your homestead exemption and the rules about your taxes when you have declared it as a rental property?

What I mean by this is considering how much your down payment returns to your net worth (appreciation, loan paydown, tax benefits, AND rent avoidance).

or maybe take advantage of any tax related benefits.I would be happy to give you an opinion of value and even market it to my investor clients to gauge interest.

I'm curious what experiences people have had taking tax deductions as a non-professional REI.

We rent out our previous home and bring in $600 a month on it after mortgage, taxes, and insurance, but she doesn't see it as an investment property and so it has been hard to continue investing without her support.

However, it is important to consult with a legal professional or tax advisor to ensure that this arrangement is feasible and complies with all applicable laws and regulations.

The IRS says to keep records for your business tax deductions indicating:What you boughtWhen you bought itHow much you spentIt doesn't mention requiring paper receipts at all.

I also did get a separate credit card to use just for house expenses.This makes it a whole lot easier, especially if you misplace a receipt when doing taxes.

@Ran Fridman the main issue most owners run into early on is that whatever tool they are using for accounting isn't robust enough for tax time.