You just have to have legitimate self employment activity.  

.- Our combined after-tax income is $170k annually.- We have no outstanding mortgage debt.Recently, we discussed financing options with a banker at PNC and learned that we might qualify for a HELOC up to $480k, albeit with a relatively high minimum interest rate of 9.31%.

@John FongCalifornia is generally more cumbersome than other states when it comes to taxes and filings.

Also, for the taxes did you have to file state tax returns in all the states where there are mobile home parks that is for the ODC fund?

Hi Emily, I'd say Azibo, Stessa, REIhub are good rental accounting options that offer income/expense tracking, financial reports and tax reports (Schedule E).Azibo and Stessa offer business bank accounts.

When you die, your heirs inherit the property at a stepped up tax basis capturing the equity tax free.

We have several strategies to mitigate delays and fees that work well and keep the tax advantaged status of the account secure.

In this case, how and when can we incorporate those expenses into our taxes? 

No worries, we all need a hand with taxes.

@Jane Mipsey putting the investment property in an LLC is purely for limiting your personal liability, not for tax purposes.