I see taxes as a HUGE potential drain on yield/wealth, and I think reducing Uncle Sam's take should be a priority when considering investment strategies.

(Addition, Renovations,  etc.). 

Should you convert the attached 1-car garage into additional living space?

We are going to apply for a small business loan to open the LLC and for any additional start-up costs. 

If you work with them, they might let you step into the debtor's shoes at the reduced balance.They get a better debtor (hey, that rhymes!)

Additionally, this property is close to the airport so there is a lot of potential to turn it into an airbnb hub, leading to more cashflow and of course, more management/cleaning time.Long story short, would you take a deal with these parameters:- Asking price $165,000 (pre-MLS price) - Duplex consists of: 1 bedroom main floor and basement unit & 1 bedroom upstairs unit- Total rent: $1600/month (tenants pay utilities)Addendum: I just bought my first property with 11% down (before I found BP), so any suggestions (or links to forum posts/blog posts/podcasts) on creative ways to finance this deal, please let me know.Thanks BP community.

When you say that refinancing limits your ability to write off interest, do you mean that you won't be able to write off the additional interest increases or do you mean that it will also hinder the previous amounts as well?

I'll be purchasing an additional A/C unit for the next summer. 

LLC would go in box 1  boxes 2 and 3 are for additional names as buyers  example husband name box 1,wife box 2  never did see 3 names but you have that option As mentioned you only need your LLC in box 1

Investopedia is on the right track saying that the rule is supposed to ensure it covers your mortgage, but it's much more than just the mortgage, it's the insurance, taxes, maintenance, etc costs that are in addition to your mortgage.