I'd like to raise the rent but I'm not sure how I go about making amendments or addendums to the contract.

However, this will allow a property owner to capture missed depreciation benefits from prior years during the current tax year without the need to amend prior tax returns!

Your CPA may want to file amended returns.

Next step up from LLCs or Corporations is a vehicle like a Cook Island Trust - for those to work it's more than just the paperwork, you have to have no claims against you and no foreseeable claims when you put in the assets including full tax compliance which often means filing amended returns to clear up any questionable deductions.If you go in pure with the right law firm those are essentially bullet proof.

I have clients that are currently amending taxes because their previous CPA didn't understand this industry.

There was an effort underway to amend the law to just say you had to keep it in a separate account, not necessarily a full trust, but I don't know if that went through.What most Missouri landlords I know are doing is getting a separate regular savings account at the bank where their business checking account is, and putting all the security deposits in that.This site (which is run by Cozy, a payments provider) talks a little more about the laws in Georgia. 

I'd find a new RE specialized tax pro- ASAP and see if potentially amending those earlier years is worth it to allow those losses. 

Last but not least, irrevocable trusts can't be revoked, that's true....but they are amendable...Last but not least, they attorneys who oversee the trust have access to the assets.

If you want to add anything you can amend it to add the items you want to add.

Talk to the seller and see if you can amend your offer to include the property being vacant.