However, if the interest is considered ordinary business income, it is reported on Line 1 of the K-1, and SE tax may apply based on your material participation in the business.

I have a current tenant who, at the time of showing, loved the place and was going to apply for it ASAP.  

Assuming you fail the first test, you will have to perform the remediation work and then call for a re-inspection.One you have a passing inspection you can apply to MDE for your Lead Cert (many lead inspection companies will handle this for you).Good luck!

your system probably applies well in really dense areas but maybe not in less dense.   

-How does LLC/personal loans differentiate when applying for loans?

@Matthew SamsonMaybe a little early but dont let that stop you from learning the tax code that will apply to you when you have your rentals.Like Mark Kohler say; you are the captain of your ship!

In case anyone else is wondering about this, it's my understanding after doing a ton of research (but not having talked to a professional) that bonus depreciation only applies to properties in the US (not international properties).

Exception apply* Excellent ROI. 

Applying business losses against other incomeOK, you crunched your numbers, including depreciation, and your business has a $10k net loss. 

The usual risk/reward curve applies to real estate the same as it does to other investments.