Your personal deductions, whether you itemize on Schedule A or take the standard deduction, will not be affected by your investment.First time home buyer credits are only for owner occupied property, not for investment property.

The seller said that she already got an offer to rent it 800/month from a local handyman in order for him to store his equipment but she's more keen on selling.Any idea how I should approach coming to a price and negotiating for this thing?

It is a single family home, 4 bed, 3 bath, on 3/4 acres, with a second garage, detached, that can store two RVs.

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I was bad at tracking for runs to supply stores and banking so I figured this was a pretty realistic charge.I know there are apps that you can use for mileage,, my friend is a traveling nurse and uses that app on her phone,  so maybe someone else can give you more info on something like that

And what if a section of flooring, or a countertop, or some other item in the house just needs a good clean instead of needing to be replaced?

Expenses such as mortgage interest, legal fees, property taxes, r&m, insurance, advertising, realtor and depreciation are items that would offset your rental income.

Working on a flip property and we have just a few more items to do so I put up a for sale by owner sign out front and a week later we have someone pre-approved for a FHA loan and working with a realtor.

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