If so, you must report the sale on Form 8949 even if you have no taxablegain to report". 8949 reflects the depreciation which transfers to Schedule D.In this situation, I do not believe there is a need for Form 4797.

@Andrew Steffens super helpful reflections, thank you so much for taking the time to share, I appreciate it.

I think you should do some self-reflection and really contemplate your investment goals.

I would recommend that your lease reflect a flat rate fee - for example, my lease states that I need a 30 day written notice if they are moving out while in an active lease, there is a $500 early termination fee, and the tenant is responsible for the rent until a new tenant is secured (this helps to encourage the tenant to leave the property empty and in good repair). 

Guarantee of their work.No one likes their PM, but probably not a place to go cheap....I think often smaller and local is better than big and broad for PM.None of this is a reflection of the company you asked about....I don't know much of anything about them...

It takes a month to a month and a half for companies to report and for it be reflected on your score. 

It is hard to cash flow the first year because many times like other people have mentioned above, properties are repaired to look nice or to pass inspections (point of sales)but it may not reflect the true nature of the property.

For example, if your original loan was $287k, and the new appraised value of the property is significantly higher due to the completed duplex, the new loan could increase to reflect that higher value, allowing you to access more capital. 

We should celebrate wins but also reflect on losses as well. 

All this made me bitter, and sour, and it reflects in my interaction with BP members, your team, and the people I am trying to help.