Buying it as a sole proprietorship is the same as buying it in your personal name.Since it is not earning income, it might not have any effect on your taxes unless you say that this home is for your business as a sole proprietor, in which case, you could probably deduct the expenses from your income.

If your entity is a single-member LLC, everything would be disregarded up to your 1040 (so yes, you get the same depreciation from time in service, and even 20% pass through as a new sole-proprietor.  

In the borrowed capital was used in an activity that is a mere investment, or is personal in nature, a 1099-INT obligation won't exist.A Form 1098 obligation is only triggered if the loan is a mortgage and the interest is received in the ordinary course of trade or business of the lender from an individual or sole proprietor taxpayer. 

Schedule C if you a sole proprietor) & you do not have any w-2 employees working for your self-employed business or otherwise.2.

A single member LLC that does not file it's own tax return (chooses to be taxed as a sole proprietor) is a disregarded entity for federal tax purposes. 

The properties are owned by me as individual and I am not set up as sole proprietor for these properties.

I am a self employed sole proprietor.

Most sole proprietors and smaller investors don't keep separate bank accounts or keep business money separate from personal funds, which makes their entities worthless. 

@Shaun Nichols You're likely going to be doing them both as a sole proprietor then.

To your second question, business organizations exist in the following formats...sole proprietor (can be llc, S-corp and still be considered such), partnership (can be llp), syndicate, registered corporation.