Good idea for their purposes, really. 

I finally finished the renovations  on my gorgeous house (that's what everyone else says anyway) and I'm renting out the 1 bedroom apt below and just started renting out rooms in the main house where I live. 

Explain to a current owner of the benefits of being  a financer to you like delay the income for tax purposes, making the spread, and keeping some control,   Take out the insurance as soon as you close. 

The main thing is that you could get your money back faster.  

Ideally the main goal of using the BRRRR strategy is to be able to use the same bucket of money over and over again to acquire endless number of properties.  

Since we will likely be viewing several properties, at least one property per day while there, what can we deduct as an expense for tax purposes?

He said that NJ does not allow net losses on rental properties ; however, those losses can get added to NJ basis so he said he has to go back and review all my losses over time that may not have been allowed previously for NJ purposes. 

Mainly beacaue the high insurance costs prevents our desired cash flow. 

I have been mainly a lurker for quite a few years now.

But at the same time, all this is just so I maximize my profit and I want to use all the perks this strategy gives you - NROP as high as possible, higher long-term cash flow, almost hassle-free landlording, etc.My main goal is short-term high cash flow, not the equity.