I've calculated the tenant-occupied vs. owner-occupied ratio and understand that for expenses that are for shared areas, that ratio would be applied at tax time to deduct. 

Purchase price: $12,250 Cash invested: $7,250 I was trying to do the Tax Deed investing taught by the Ted Thomas group only to fall into this money pit.

The hudson valley is a big area and taxes vary wildly. 

We live in Los Angeles, both are self employed 1099 independent contractors, combined annual income roughly 250k pre-tax.

Ohio is also a landlord friendly state that offers low taxes and price-points.

They have been the send everything in at the end of the year and let me know what my taX bill will be type.

They had set pricing for the weekdays and weekends, and based on the tax returns they sent me it appeared they were not reporting all their income.

I'm in the Tahoe Reno NV area now and there are also solid single family that cash flow without the headaches of California tenant laws combined with low property taxes.

Document everything, personally I use a CPA for my taxes. 

There are a few problems with what you said and how you are planning to go about filing taxes for your rental income.First, I think you meant your LLC is operating in a State that is NOT a “community property” State  As a result, you will need to file a LLC tax return with the IRS and State -> Yes, you are required to file The LLC tax return you file (I’d recommend getting help) will include an IRS Schedule K-1 for the LLC parters (you and your spouse).You will need to use these IRS Schedule K-1s to report your rental income and expense on your personal taxes return.