My question is, should I hold the mortgages and make minimum payments and use the interest paid as tax deductions?

And you should have a security deposit to deduct any lost rent from, so perhaps it won't even be as bad as you think.Best of luck.

Conduct move out inspection at end of month , not damages and give repair estimate. deduct from deposit of.

You can write it off and take the full deduction in the first year they are put in service, i'm not sure why you would capitalize and depreciate $1,000 cabinets.

My thought would be to enter a $0 for income and then in the "Indiana Net Operating Loss Deduction" enter the full NOL. 

I would still recommend keeping track and accumulating all late fees so that they can be deducted from Security Deposit in the future upon move out. 

All these "possible deductions" may be added to your "6 acre purchase valuation that you picked", and your tax expert should then come-up with your total "short-term cost basis".Wow!

It was under my understanding that since i lived in the home i could deduct all upgrades to the property and pay a prorated amount of capital gains since i lived in the property 22 out of 24 months.

Also no interest being paid but also no mortgage interest deduction for the 2020 tax year (or substantially less).

I've unfortunately had fellow real estate investors use my service after many years' at their family's CPA, only to find out they either lost out on deductions or overstated them.