While I can see you are attempting to educate yourself on rental property stuff, this public forum is probably not the place to do it. Your query is so generic and would requiring writing a novel sized book to cover everything possible. Just the tax portion alone could constitute volume one. Fortunately, that volume has already been written by the IRS as IRS Publication 527 at https://www.irs.gov/pub/irs-pdf/p527.pdf That publication covers all possible scenarios. You'll have to pick out the information that applies to your specific scenario.
