Quote from @Daniel Huang: Hi, I am trying to transition to develop my rental income as I am in the final years of my professional career.  

They will issue an IRS Form 1099 in January, reporting your total taxable income to you and the IRS.

My idea is to put 20% down on a $1 million property, with the remaining $800,000 paid off over 8–10 years, depending on how much yearly income the seller would want.I’ve seen a lot of discussions about using seller financing for investment properties, but not much when it comes to primary residences.

Excluding the periods of “tulip bulb” irrational exuberance, a property must produce enough of a risk adjusted return to satisfy both the ROI demands of the “limited partners”, and the income/time requirements of the sponsor.  

If your debt to income ratio is good, you can control a $700-800k asset with $50k.

My home in Boise will be on the market in coming days and I'll have nice capital gains thankfully, and my home is not in an LLC. 

There are plenty of banks across the US that also have a stated income heloc (in the Carolinas, First Citizens will do up to $100k with no income verification). 

I am 80 years old and rely on investments for retirement income.

Lender does not look at your income, just your FICO and they want to see rental income.

The absolute best way to avoid taxes is not earn income.