Hello,Is it possible to avail tax deduction on an office room dedicated for rental real estate matters for an owner occupied multi-family?

You are thinking about just tax deductions right now but it might not be beneficial for you when you try to get the loan. 

With this in mind, I would add that cost to the non returnable pet fee, and add a pet deposit equal to the insurance deductible and potential pet damage you might expect. ( the fee is yours to pay your extra costs for insurance, and if the deposit is used against pet damages and deductible costs if there is a claim.

“Special tax breaks”Interest on a mortgage for a primary residence is tax-deductible on your personal income.

You will report wholesale income on your schedule C on your 1040 and yuo can deduct any related expenses against it. 

I hear a lot of disaster stories about people struggling with the cheap insurers to get the funds they are owed quickly.I am willing to pay a higher deductible for a lower monthly premium.Any help with some suggestions would be wonderful.

Though I believe even if your daughter is paying full freight there are restrictions on your deductions due to her being a family member.

Also, what’s your filing status (single, head of household, married filing jointly).With the doubling of the standard deduction, itemizing your interest is not as valuable as it use to be.

LLC or Sub S to be able to maximize tax deductions.  

Deduct it from their deposit when they move out.