Once you convert your property to a rental, your rental income and expenses are reported on Schedule E (1040).  

I would use the faster method so I could get a loss on my schedule E.

I'd definitely recommend some of the books here on BP including the free e-book for beginners, Brandon Turner's books on rental property and property management and Gary Keller's Millionaire Real Estate Investor. 

Not a huge company and good service (tenants and me).If you would like an e-Intro to owner, PM me with your direct email.Oren

One way to deal with the law is to set all bandit signs on Friday E evening and Pisa them up on Sunday.  

You can actually start while your taking your r/e courses and all they do is focus on investment properties and working with investors. 

Nathaniel, As for my flow...FLOW= Wake turn on the lap top, COFFEE, follow up with all messages, ie: text, voicemail, e-mail. check Craigs list for new cash buyers, read the paper for new homes for sale.

@Michelle Romano, Imagine the surprise of the IRS field agent when they ask for the address of the rental unit that is producing the income you've properly reported on your schedule E  - And it's the same address as the house you're "living in" (per se)!!!  

I spoke to two coaching organizations (Rich Dad, Peter Harris) and also to companies that offer turnkey r/e investments. 

Hi @Benjamin Allen,Rental properties are tax-advantaged in a few ways.Get to write off interest.Get to write off state property taxes.Depreciation.Repairs and maintenance.You can look at Schedule E here.After you're done writing that stuff off, you are taxed on what is left.