-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. 

Luckily, the back patio door was not locked, since I didn't have a key. 

They come for funerals and weddings, for conventions, for Cyclovia and El Tour and Dia de los Muertos,” said Johnston, who holds the status of an Airbnb “superhost” — one who has nothing but five-star reviews from customers.Johnston said she strives to include special touches — local history books on the coffee table, piñatas on the patio, cowboy boots on a shelf — to give visitors “a sense of what Tucson is all about.”

Want to finish the outside concrete patio as one last large project and be done with improvements.Hindsight: Should have went with a 3-4 unit place but just glad to get started.

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.

On my own things, i get permits for structural changes, even adding covered patios, etc. 

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.