Form 3115 allows you to restore the fairness in this situation and "catch up" with the remaining $30k of depreciation that you failed to take in the years past.

They don’t make loans hoping the borrower will fail.  

Quote from @Henry Clark: LPs the point of the previous questions is all of us fail.  

According to Warren Buffet, Fannie and Freddie really failed because of high-leverage risk-taking in the fixed income arbitrage space, saying:“The portfolios are what really got them into the trouble…the managements of Freddie and Fannie tried to juice up the earnings, basically, because the insurance guaranteed that they were given that mortgage.

It is not a scam to have tried and failed. 

The more successful you are the more you've failed in life and allowing others to learn from our own mistakes is often more helpful than the success stories. 

Quote from @Carson Hyland: Even if you buy the right property, failing to manage it well will kill your cash flow. 

The ability to generate income when making the shift to real estate is a challenge for most and is why many fail because most never get to a point where their real estate alone is sustainable.

They have failed to renew my entities with the Secretaries of State multiple times, have billed me wrong amounts, and GREATEST OF ALL, have cost my business ~$50K in cumulative TAX PENALTIES due to negligence in filing for a tax extension, failing to walk me through my tax filings and needed payments, and failing to file an abatement promptly.

If you fail to follow the rules, you may open your personal assets to a lawsuit.