So the monthly rent payments received will not cover mortgage payments, insurance, property taxes, repairs, maintenance, etc, and to avoid default the owner will be required to “come out of pocket” for the negative difference. 

The wife did his tax return in 2018 Gross $120k.

Also, you don't want to lose the tax free gain on sale. 

Highly pressured sales tactics at there 3 day events they do all over the US to get you wrapped into their high dollar coaching programs. Then when you don't have the money for them they coerce you into getting credit...

For primary residences, lenders typically don't require PITI (Principal, Interest, Taxes, and Insurance) reserves beyond the down payment and closing costs.

Sellers aren't always aware of liens or back taxes owed.

How do I calculate the monthly mortgage+ interest+ insurance+ tax that I should be able to comfortably able to take care.3.

Since we have zero income, I'm not inclined to pay a CPA several hundred dollars to do our taxes, so I'm trying to do it myself. 

This tax provision allows homeowners to rent out their space for up to 14 days per year without reporting the income or paying taxes on it!

Thanks, Tax.