Maybe you will manage it yourself (if allowed, some localities requires special licenses for this sort of rental), but it will take work on your part.If you use a rental property more than 14 nights a year (IIRC) you lose the "rental property" treatment.

I've never been a fan of actually owning real estate in the IRA since you can't take advantage of all the favorable tax treatments that you get by owning real estate.

Has to be a rental for at least a short period to qualify for installment sale tax treatment.  

Most folks say that if you've held a property over a year that feels pretty good for 1031 treatment and most would also say that the gain becomes capital gain. 

If a borrower obtained an institutional loan, they are generally entitled to treatment expected of that institutional level of of servicing, this becomes an issue of lender's and servicer's liability.

Just like there is precedent for entitling raw land but not turning a shovel on it and still be eligible for 1031 treatment especially if you feel you can demonstrate that your intent was not primarily resale and some time has passed.  

Rehabs will technically not qualify for 1031 exchange treatment because you are holding for sale and not holding for investment.

write up a document of each 5yr item (floor treatments, light fixtures, etc ) and estimate the cost of each, sum the total and deduct from the initial purchase price used for the 27.5 yr and add the 5yr in with the special depreciation allowance the IRS gives you.  

Perhaps our resident CPA, Steven Hamilton II will chime in.Unless different tax treatment is elected for the LLC, its a partnership.

It sounds like this has actually been a rental property, so it would qualify for 1031 Exchange treatment should you decide to sell and reinvest in another rental property.