Quote from @Madhul Shah: If an individual purchases a rental property and incurs expenses for property management, maintenance, and mortgage interest, how are these expenses typically treated for tax purposes, and what impact do they have on the individual's taxable income from the rental property? 

Some facts of the house:Location: Nassau County, NY, Town of HempsteadYear built:1929Purchase price: 290,000 in 2013Condition: AverageLot size sqft: 5000Livable sqft: 760I'm seeing several houses in my zip code that have been demolished and rebuilt into new houses with the maximum allowable livable square footage selling between $1.0M- 1.2M.Which is a better option taking into consideration, profit and capital gain tax (assuming my household income of 80K)1) Should I sell this house as is at $450K2) Demolish this house and rebuild it without taking out a loan.

I personally am using Fidelity Advisor Floating Rate Hi Income fund (FFRIX). 

buy multi family first to generate passive income then buy primary Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Affordable income SFR property management can often be a brutal pill to swallow to one’s perception of humanity.

Applicant(s) must have current photo identification and a valid social security number.Applicant(s) monthly household income must exceed three times the rent.

I have done okay in my career and looking to start building a portfolio for some “passive” income.

They do have income limits and also have incentives to move into an area that you'd be making 80% more which would qualify you for a lower rate.

Are there good resources out there for folks that are new to the remote SFH rental income game that provide guidance on the less obvious risks when purchasing a rental? 

On the SFR stuff you can line those up very easy and I am sure the  Sub to boys can and will now figure this out to further feather their income nest with the clients  instead of a fee you will now also figure out how to take a long term participation in the deal and you could do that with a second behind the sub to loan that your clients are taking on be super simple.. just talk to an attorney and have them craft one specifically for you..