However, the fact I'm not dependent on the income from REI at this point means I can establish higher thresholds for required returns than someone who may simply have to have income of some kind being generated.  

Hi all,Can/Should a homeowner with housemates claim the income (rent) and a portion of expenses (landscape maintenance, cleaning service, utilities, home repairs) on taxes as a business expense, if it is the homeowner's primary residence?

Talked about personal bankruptcy, and that I would need his help to re-establish credit if needed.Now 3 llcs and a trust. 

He gets paid $100 every weekend to keep about six houses clean for an elderly woman who's husband passed last year.

I want to live in one unit and rent two other.Asking - 249000All three units are rented.Monthly - 2200 ( for Two units, since I am going to live in the third unit)Taxes: $7,663> Insurance: $3,495> Oil: $2,600> Management fee at 6.5%: $2340> Sewer and Garbage: $1100> Lawn and Snow: $900> Water: $840> Cleaning: $400> Electric: $240> Rent License: $115> Vacancy: 2640> Total: $ 22333.00> Net Income is therefore 26400 - $22333 = $4067Am i missing anything?

If it were me, I'd ask her to give her notice (it will be short of whatever your minimum is) and tell her that the day after she moves and you confirm that everything is in order (move out inspection, damages, cleaning, etc.) then you'll begin showing it to prospective tenants.  

LolI established my alerts, connected with a few members members and even replied to a few new Introduction post myself.Again, thank you for the warm welcome and support and helping me go get my own Big Pockets 👍

Then, add things you have to sweeten the pie (that coin collection in your closet, or whatever).Let your escrow, title or closing agent help you keep the documentation clean and simple.Thank me later

I am guessing I need to get a business entity established with proper lawyer/accountant/property manager set up before I buy.  

I have tried to contact several different banks and lenders to see what my options were, but I haven't had much success because my company has only been established for a couple months.