In subsequent years, only new assets or depreciable improvements to existing assets are reported on a new Form 4562After you finish Form 8825, follow the directions on line 21 to transfer your net rental income (loss) to Form 1065.  

I’m excited to learn more on each subsequent one!

With this question unanswered, why are investors (and I've see a lot of the same ones purchasing Condos in this situation on multiple occasions, so I have to assume they are professionals) purchasing these Condos when they know they can't get clear title, and could subsequently be joined as a party to the 1st Trust Lender's foreclosure on the property?

Typically they require an initial deposit and then subsequent payments along the way, and most construction loans only disburse when the items are on-site/installed.

I would leverage this learning on subsequent acquisitions. 

For subsequent deals, I would already be established.

Yeah Jerry here a tax lien holder has to pay all subsequent taxes and eventually foreclose if he/she wants to protect their position.

We had a young tenant caught working while on WC & he subsequently lost his comp check (but he kept working off the books).He was quickly evicted by our PM for arrears.

As Jon stated, once the foreclosure takes place, the property becomes an REO and an subsequent purchase would be for the home and not the note.

You are thinking about making an additional subsequent purchase of another building through the same multi member LLC, a different LLC/entity or personally?