Thanks to Vinson for painting, plumbing and acting as project planner/general contractor.

Thanks to Vinson for painting, plumbing and acting as project planner/general contractor.

A financial planner recently said that you don't have to claim depreciation and it doesn't make sense to if you hold a property for less than 7 years.

Here are some of the top tools that I recommend for this business model and just in general.Market ResearchLocal business newsLocal real estate newsLocal city planner and urban development departmenthttps://www.airbnb.comhttps://evolvevacationrental.comhttps://www.airdna.cohttps://trends.google.com/trends/Finding Propertieshttps://www.zillow.comhttps://www.apartments.comhttps://hotpads.comhttps://www.trulia.comhttps://www.realtor.comhttps://www.homes.comBusiness Resourceshttps://www.legalzoom.comhttps://www.docracy.comhttps://www.rocketlawyer.comhttps://www.nolo.comhttps://www.incfile.com/form/llchttps://www.corpnet.comhttps://quickbooks.intuit.comBook Keepinghttps://quickbooks.intuit.comhttps://www.freshbooks.comhttps://www.zoho.com/us/books/Running A Successful Businesshttps://beyondpricing.comhttps://evernote.com/products/scannablehttps://www.google.com/drive/https://www.yourwelcome.comhttps://sandiego.craigslist.org/https://www.guesty.comhttps://august.com/https://get.google.com/trips/https://primenow.amazon.com/onboard?

You might look at www.MBTA.com and use their trip planner to see if public transit is a viable option for you.

Additionally, Ivy Freitag is the City of Omaha Planner who focuses on local landmarks and preservation.

A lot of financial planners and CPAs hate whole life policies, but they do not understand these concepts. 

@Ryan ProffitFrom my understanding of your questions; this would be treated as 1099-INT income; like bank interest income.Disclaimer: I am not licensed planner or any other licensed financial professional.

I was looking to use the variance process but was told by the city planner that you cannot use this variance process when it comes to zoning and subdividing.

Passive income from rentals does not qualify to sponsor a retirement plan.I would suggest a conversation with a licensed fee only financial planner to discuss and develop a strategy and learn more about how tax-sheltered retirement plans work, and perhaps establishing a low-cost IRA or Solo 401(k) with someplace like Fidelity or E*Trade where you can start accumulating some capital.