Set up payments with a loan servicing company to collect PITI with the payor paying the fees  and requiring the payor to carry a home owners policy naming the lender as the mortgagee/additional loss payee.

From there, you should be able to speak to anyone in the loss mitigation or loan servicing department, once authorized.

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".