If during the tenancy you decide to switch bank accounts to hold the deposit, you must give the tenant notice of where the money is being held within 30 days of moving to the different account.

Third, I'd like to know what data I need to collect in order to write this off on taxes.

Also, I am scared a tenant cant damage the home and leave it unappealing for me to move into....and lasty, taxes or insurance can grow out of proportion leaving me not wanting to move their in the future. 

But I would say “Consider your timing.”Real estate is expensive right now, and money  is expensive right now (APR wise).The fed is expected to start cutting rates later this year.  

As retired CPA, I find it amusing to read tax advice from those who have no clue. 

I thought of wholesaling as a way to get my feet wet and to build capital without having to use my own money.

Do property managers make it easy for you to get financial info and do your taxes?

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Our Midwest "B" market we are looking at $1 per month per sqft, we take care of the taxes and maintenance. 

Factor in property taxes, insurance costs, and maintenance expenditures to ensure your investment aligns with your financial goals.Take Advantage of Financing Options: Explore FHA loans for owner-occupied properties or conventional financing options tailored to multifamily investments.