When we work with agents to look for investment deals we will always provide both sides of the commission and treat the agent as a dual agent.  

Its not a difficult to begin treating your REI career as a business.

I decided not to go through this route since I had the cash available for a bigger downpayment and wanted to treat it as an investment rather than my personal property(would have to live there). 

And even though I know 99% of the time they will never qualify to be my tenants, I will treat them with respect and welcome them into my home and offer them the option to look around.  

Anything from a few square feet of drywall to entire walls, flooring, fixtures, and ceiling will need to be treated and or discarded.

Did you have to move the tenant out to treat the place?

Look at your property as a business and treat it that way from the beginning. 

I assume we will just treat this as ordinary income for the company and split it according to our by laws at the end of the year with our individual K-1s.My questions is , does this sound accurate?

For purposes of the home mortgage interest deduction and for the §121 capital gain exclusion, the IRS does treat the contract for sale as if you received title on the date you entered the contract.  

( any deposit paperwork from the current landlord would do for as far back as you need to show that indeed they have been receiving rent for those months)How will the current Tenant's security deposits be treated upon sale?