Found a property in beach area that is definitely overpriced (almost everything is) but with calculations of 70% occupancy high season and 50% low season , and other methods such as enemy method @lukecarl , the property STILL cash flows.

I've used that breakout to help calculate depreciation on my California properties.

I did however read somewhere that any income from renting out your rooms is taxable and must be recorded.

@Mary Schlabach2020 Tax year was a unique tax year - Certain unemployment income was considered non-taxable as a last minute change.A lot of taxpayers also changed to married filing separate to take advantage of stimulus payments eligible for one spouse.However, getting the tax return done at the last minute if you just have W-2 and a rental is taking too long.best of luck in your search for a replacement.

Can I ask, how have you calculated that buying a house would use all your savings?

View report*This link comes directly from our calculators, based on information input by the member who posted.MY second deal i analyzed trying to get better!

Hi Real Estate Veteran,I am using turbotax to calculate depreciable basis for my rental property.

From there you should be able to calculate your net operating income (NOI) which is the income you earn before paying any debt service assuming you are financing the investment. 

That way you still get cash (non taxable by the way) to pay of bills/loans and/or purchase additional rental properties.

View report*This link comes directly from our calculators, based on information input by the member who posted.