Acquiring rental by QC... best advice for tax purposes?

[Andy Bailey]

Hey folks My wife and I will soon be acquiring a 3/2 SFR before the end of 2017 by way of quit claim. The property is located in NE TN. We currently collect the rent and maintain the property now including all repair and upkeep. I have an appointment scheduled with tax professional but thought I would venture into obtaining some info from some of BP's wisest... 1. Is a QC the best route? The property is actually in my mother in law's name but we have been paying the taxes, insurance, repairs, etc., as well as collecting the rent. She is ready to sign over the property. (we have maintained this property for around 8 years.) 2. I've talked to an individual I work with now, who has obtained several business licenses and has made the comment multiple times that I should pursue obtaining a license as well. The reasoning presented is to take advantage of the deductions as a business as they would exceed any tax savings as individuals... again not sure? 3. When filing income tax on the property... what are some of the "majors" I need to consider at tax time and throughout the year? Also are there any other great ideas for tax savings when owning SFRs? Thanks ahead of time!