You should also look at maintenance and ensure you understand who is responsible for what, most lease to buy contracts make you responsible for maintenance which is not a bad thing, I mean you are preparing to be a home owner after all and it works for small maintenance issues, but you need to ask about the big CapEx items like a leaky roof or a shifted foundation who is responsible for that and what happens if those things (such as foundation issues) are found later down the road, will you get your options money back if decide not to buy for that reason?

“Provide real estate brokerage services means to engage in any of the following activities: (1) for consideration, providing any of the following services for another person: (i) selling, buying, exchanging, or leasing any real estate; or (ii) collecting rent for the use of any real estate; (2) for consideration, assisting another person to locate or obtain for purchase or lease any residential real estate; (3) engaging regularly in a business of dealing in real estate or leases or options on real estate; (4) engaging in a business the primary purpose of which is promoting the sale of real estate through a listing in a publication issued primarily for the promotion of real estate sales; (5) engaging in a business that subdivides land that is located in any state and sells the divided lots; or (6) for consideration, serving as a consultant regarding any activity set forth in items (1) through (5) of this subsection."  

If I start living off my rental income, can I still take off itemized deductions such as my personal mortgage, property taxes, etc against rental income or do I have to become a professional?

Important Items to know about FHA Renovation LoansA FHA option to roll renovation/repair work into the loan.

@Jay Hinrichs  as usual you ARE correct :)   YES, we then put there items in a dumpster,and or have moving co take them.  

Just wondering how these items have been resolved within the AirBnB world.I'll do some searching, as well. 

For reference, I'm using a cash basis, not accrual.When making loan payments, I break up the line items as shown below.

If improvements or repairs are part of the deal we want an itemized list of repairs.

I usually say it needs to be left clean, no trash/items left behind, and keys left on the counter.

Originally posted by @Bala Murali Krishna Ummaneni:I am wondering if the depreciation tax deduction can be uses on top of the standardized deductions (vs itemized deductions).