Property Management, Schedule E or Schedule C

[Andrew B.]

Hi all,

My wife and I are set to close on our first rental property next month which we plan to manage ourselves and we also manage a rental property that is owned by my parents. We both have income from W-2 jobs but my wife is a flight attendant and only works about 100 hours a month - the rest of her time is spent actively looking for properties & managing my parents rental which my parents have almost zero involvement in. Two questions:

1. Would we still report the rental income from the property we're about to close on on Schedule E if we're going to managing the property.

2. How would we report the income from my parents property? I would assume that we would report on Schedule C since we don't actually own the property. If so, are there any SE tax implications I should look out for?

Thanks!

Andrew