Even so, the bottom line on Schedule E will often be zero, because the rental income will often be fully offset by deductible expenses.Step 6: Write off the personal-use percentage of mortgage interest and property taxes as itemized deductions on Schedule A of Form 1040, subject to the new Tax Cuts and Jobs Act of 2017 (TCJA) limits for 2018-2025 (see “TCJA changes affecting vacation-home owners” below).You are allowed to carry over any disallowed allocable indirect expenses to future years when you can deduct them against rental profits (if you ever have any).Controversy regarding how to allocate mortgage interest and property taxes The IRS says you should use only actual days of personal and rental usage to allocate all non-direct vacation-home expenses, including mortgage interest and property taxes.

@Stephen Morton read if you cant wholesale after this then i got nothing for youbasic tldr is 1. find a title/escrow company/attorney2. make a buyers list3. find sellersyou want to have everything set up before you find houses so that everything goes smoothly and you know what criteria your buyers would want. cuts down on a lot of the guesswork

I have a tenant ready to go but I'm having trouble getting clear-cut answers.Thanks in Advance Guys!

If you're looking to get into rentals, maybe a better idea is to start a little smaller home wise and cash-out refinance the big house to buy 1 or 2 smaller homes to cut your teeth on?

There are lots of other things that need to happens before checks are cut.

Since purchasing the house, we have put a little over $2,300 into repairs -- things like plumbing issues, new refrigerator, cutting down tree limbs, ect.

So are offer was verbally accepted and we should have the paperwork today to move forward on a 2 unit 2br /1bath duplex. 232kUnit 1 has tenants paying $1100/m they cut the grass, shovel snow and have been there 11years.

Also, if economic conditions take a downturn will I have to cut rent.

@Lamont Marable - cut my teeth in Baltimore over 15 years ago after getting started in Capitol Heights.

Joining the military is a career choice not a short cut to real estate investing.