I can't confirm how much taxes you will owe (not a CPA, you should confirm this with a CPA) but you will be able to deduct prorated portion of all expenses on the property (mortgage interest, property taxes, insurance, property management fees, repairs, etc.) and then whatever is left will be taxed. 

Government ID verified On top of all of that I use a separate Standard Rental Agreement written by my attorney to be signed electronically by all guests.

How many of each fast food, hotel, insurance agency, etc are nearby?

I would look to do either program with getting the properties minimum property standards then fund the cosmetic work over time with your own funds. 

Get insurance asap now that you have the property.

  $30K in gross annual rents before taxes, insurance, maintenance and vacancy allowance on a $600K asset is probably going to net you less than 2% annual return. 

In discussing this deal and his terms, he presented me with a master lease as his standard way of business.

Hi - I have a couple of SFH in Tucson, AZ and am looking to shop for better rates for the home owner's rental insurance.

And of course since I was thinking real estate I screwed up and put commercial real estate adjuster instead of commercial insurance adjuster. 

*having enough time to do it all in general *local PM company is not up to our standard so we have to self manage.positives* we've got some really good systems in place that help things go smoothly*in 2 years we've never had to evict anyone and we've collected roughly 97% of rent in that same time.