Itemize you income and expenses the same way it appears on the schedule E.

The book on estimating rehab costs by J scott5. the E myth 6.Cash flow quadrant by robert kiyosaki 7.

I was thinking that Turbo Tax would calculate the suspended passive carry over loss for the one property I sold and it would appear as a deduction for about $32,000 on Schedule E.

@Jessie RandolphOf course, if you take a distribution from your retirement account you will have to pay the taxes and (likely) penalties.There are possible alternatives which would allow to you use these funds without paying taxes or penalties.First, you may wish to consider transferring the funds to a self-directed 401k or IRA which will allow you to invest in real estate without incurring taxes or penalties.

I like that once you set it up, it's completely automated and just transfers the rent money from the tenant's bank account to mine each month with no involvement from either of us. 

I would send an e-mail to have it documented in writing rather than calling.  

We are also currently house hacking our SFH, renting out rooms, claiming everything on schedule E as we should, getting to deduct our mortgage interest and depreciate our house.

I have regular security agreements, promissory notes and transfer the titles with liens attached to them.

If I really wanted to do e-deposits, I'd probably just set it up with Zelle through Wells Fargo, that way would be free.The accountant set me up with the QBO self-employed the other day, and I spent some time going through transactions last night, so far so good; it seems pretty stupid-simple like what I'm looking for, the only downside I can see as of now is I'm not sure what category to put deposits under so they come through as a liability instead of income.

Just the due on sale clause as usual, which of course is triggered in any transfer of title.