The accountant would record it as of Jan and not Dec. 90% of the real estate investors are running cash-basis.

Keep in mind that only the "building basis" can be segregated and will benefit from accelerated depreciation.

Basically, there's no free lunch when it comes to taxes.Depreciating property lowers your tax basis.

Since you inherited the house, you get the stepped up basis.

Additionally, your brother would inherit your cost basis in the property, which could result in significant capital gains tax if he sells the property later.

(Anything that isn’t your primwry first is only tax free on a pro-rated basis.)I don’t know how you could swing it but…If they gifted you the kand they would avoid their capital gains tax.

@Charles Perkins is absolutely correct about "collecting all receipts, properly tracking all income and expenses and your basis for all assets properly documented and recorded."

Generational Wealth: If your SDIRA invests in real estate, those assets can pass to your heirs, benefiting from the step-up in basis (outside the SDIRA) or continued tax-advantaged growth if inherited in a beneficiary IRA.

I was considering having a lawyer draw up a baseline loan doc and make tweaks to it on a per loan basis.

No but keep track of those repairs as it will add to your cost basis when you go to sell it and have to pay capital gains.