I use Stessa to keep track of all expenses and comes handy for taxes.

But there are implications to that strategy so be sure to discuss your specific situation with qualified tax expert as this is not a tax advice and I’m not a tax expert. 

My parents guarantee the loan so it goes on their debt to income ratio and their very high income and over 800 credit score qualify the loan for better terms.

They own the house, they're responsible, they choose the house, the tenant, responsible for taxes and insurance and loan payments. 

Nevada is a great place to invest because it's landlord friendly, low property taxes, tech job growth, population growth, and no state income tax. 

It is also very big and requires constant reno/repairs.My tax returns are laugh worthy to conventional lenders and I have 2 other properties so my debt to income ratio looks ridiculous to the average underwriter... but the cash flow is definitely there. 

@Angel M.Please discuss this matter with your CPA, who will likely tell you this is self-defeating.Passive income from rentals is favorably taxed. 

Unfortunately once you head into the suburbs the higher taxes really eat into cash flow. 

@Tyler Ferguson It will be a little easier for your taxes and finances if you create a separate account for all of the property's income and expenses including the personal and rental part.

We are not married, but I charge her 'rent' which is a little less than 1/2 the mortgage.Are there any tax benefits to saying she's a renter and I'm the landlord?