So when bringing a deal to anyone coming off prepared will get the ball rolling faster.

As I’m just starting the cash flow analysis, I use the HELOC and it’s rate calculate the debt service.

The equation is as follows, COCR = Net Income / Initial Investment The net income here takes the NOI and subtracts the debt service payments from the loan.

Sounds like there may be some type of communication breakdown between you and the tax preparer.

I see you are from Illinois and here is a link to their state website explaining that the property tax exemption is only on the primary residence:https://www2.illinois.gov/veterans/benefits/pages/real-estate.aspxHere is a breakdown of these laws by state:https://www.hadit.com/disabled-veterans-property-tax-exemptions-state/Thank you sincerely for your service to our country!

Have you placed this property in service yet?

Entirely different insurance coverage required.You also need to inform your bank if you have a mortgage, prepare to have utilities in tennats name etc..

My CPA has instructed me that the auto expenses (at least the proportion used for rental activities), overhead such as office supplies, software, tax preparation, and other items which occur to operate the rental properties (AS A WHOLE) are expensable on Schedule E relative to the activity (e.g. based on number of units per property) by "cost accounting or cost allocation".

Maybe the house is perfect but are you prepared to handle something major if needed?

I'm seeking tax tips for depreciation on an SFR that was purchased in 2014 as our private residence then converted to rental in 2016Details:Purchased in 2014loan was refinanced in 2015  We began depreciating in 2016 tax year, the year we began renting the home as landlordstax preparer for 2016 taxes entered basis amount based on 2015 assessment, not assessment from purchase year or for the 2016 assessmentunsure if bases was set correctly and whether to carry through that same basis or pull current year assessment for this and subsequent tax yearsTurbo Tax seems to be steering me towards using the purchase year assessment for the basis for depreciation.