The pay is higher, but you do have to involve in day to day managing it & clean it.On Airbnb, Don’t rent to local people.

Recently I applied for HELOC to buy another property and got rejected since they thought my DTI was so high.

I even assumed you had to live in the property for a year before you qualify for Heloc,, but I have found that you can apply 1 month early if you sign something saying you will make subject property your owner occupied within a month,..

I'm applying for a HELOC tomorrow, I've made up my mind!

After I sold my home in San Jose, California a few years ago, the buyers didn't move in because they applied for a building permit to turn the place into a McMansion.

Also IMO any business should be scalable and setup so you can eventually step away and let it run itself without your involvement, so an eponymous name is a poor choice in that regard because the name implies the company will never grow bigger than you.

Along the way I plan on investing in some buy and hold opportunities as they come up to really setup some long term wealth.I'm currently scouring the market for deals which are few an far between (there are a 1,000 of me out there) but always looking for different ways to get involved. 

One just need read the law for a very easy understandingThe preceding sentence shall not apply to any foreign taxes described in subsection (a)(3) or to any taxes described in paragraph (1) and (2) of subsection (a) which are paid or accrued in carrying on a trade or business or an activity described in section 212.And then the reference from the above law to IRS Code 212(1) It has been paid or incurred by the taxpayer during the taxable year (i) for the production or collection of income which, if and when realized, will be required to be included in income for Federal income tax purposes, or (ii) for the management, conservation, or maintenance of property held for the production of such income, or (iii) in connection with the determination, collection, or refund of any tax; and(2) It is an ordinary and necessary expense for any of the purposes stated in subparagraph (1) of this paragraph.And for even simplified version, just look at the IRS guidance on the subject...What Deductions Can I Take as an Owner of Rental Property?

Does the depreciation of the property apply to local income taxes as well?

Does 2 out of 5 years rule apply here?