It's a 2B1B and I will be living in one bedroom while renting out the other.To my knowledge, I can't deduct expenses related to my personal bedroom.

Also, are there any contingencies that you all are familiar with where I could arrange the lien settlements to be deducted from the seller's proceeds?

In either case, you should verify that you are eligible to transfer the funds from your existing retirement account (e.g. if the funds are in your current employer 401k, you will likely not be able to transfer until you quit your job). 

Hey guys, which category would I deduct under or would I depreciate when purchasing a  pressure washer to maintain the exteriors of my properties?

You may be eligible for FHA financing and cover your living expenses through renting other units. 

If it’s not arms length, some of the expenses will be personal non deductible expenses at the partnership level and will flow as such in the K-1s.Also, there are various ways to structure it. 

Generally, you can deduct interest on the cash-out you used to fund the LLC as business interest deduction. 3) Yes you can withdraw the capital contribution as distribution and re contribute to another entity, but why?

Think mortgage interest, real estate taxes, etc.Items directly towards the personal investment are either non-deductible or potentially an itemized deduction.Items directly towards the investment property are either non-deductible, capitalized or currently expensed.

I can't imagine this lasts long.Provisions of existing lease are as follows -- I created a rules addendum document that says "The following items are not considered wear and tear to the premises, but is considered damage to the premises; subsequently the cost of repair will be deducted from any security deposit." 

Two things:1 You might be able to take a 100% deduction in the first year with Bonus depreciation or sec 179.