If your net rental income after depreciation is a negative number, you have a net passive loss from your residential rental activity.Provided you actively participate in the rental activity, you are allowed to use up to $25K in net passive losses from your residential rental activity to offset your other ordinary income.  

... 1) Lack of survey is not out of the ordinary.

Thanks Brit, that's what I figured.

I was always under the impression that dealer status was something like 7 to 10 transactions a YEAR that were taxed at ordinary income rates...

Depending on factors such as the services you provide and the average length of stay can dictate whether the income is treated as rental income or ordinary business income.For Accounting - You should maintain a separate bank than your personal bank account.Do you plan to keep doing your taxes? 

Im just an ordinary kid trying to live his dream.

Basically, all the depreciation you took from when it was a rental will be converted to Ordinary Income in the year title transfers.

Also, any profits of the LLC become active, ordinary income as I recall. 

However, ratios out of the ordinary should be identified and addressed regardless of the other variables. 

A lot of Brits have rentals there and it seemed like a lot of stuff on the market that was for sale were owned by...Brits.