-any income from the rental over the interest and property tax would be considered ordinary income-you are able to to write off the depreciation of the real estate property over 27.5 years for the units you are renting and maybe the one you occupy as well.

My circumstances are a little out of the ordinary. 

You will pay ordinary income which will add substantially to your tax bill. 

Generally, you would report in the Schedule C if your income was related to activity that is generating ordinary income (such as Flips).Unless your income (AGI) is greater than 150k, you should have been able to deduct the Losses from your rental activity.

The seller is in pre-foreclosure, but this is no ordinary pre-foreclosure.

If you talk to an ordinary lender asking to purchase under an LLC, they will tell you they don't do that.

I don't know that I've ever met a 1st gen African LO, but I've met 1st gen LO Russians, Latinas, Brits... and to the extent that African accents are associated with "Nigerian Prince" schemes, note that the overwhelming majority of LOs doing shady things circa 2004-2007 had accents identical to what you would expect my accent to be based on my profile picture, so you certainly shouldn't assume that I'm not shady based on my accent any more than you should assume someone is shady if they have an accent that sounds African.

We can charge for the cost of repairing damages caused by the tenant, but not for ordinary wear and tear.This clause in our rental agreement makes this clear:DAMAGES.

Giving them a courtesy heads up lets them know something out of the ordinary is going to be happening soon.

She was the Responsible Broker for the company until I obtained my Broker's license, at which point we removed her from the company and she became an ordinary agent for me.