All these things are lessons learned, and I will have to take into effect in the future. 

Thank you in advance for your willingness to share your experience and lessons.

@Tony Thomas Even though it does not appear there are any meaningful tax advantages, I believe the lesson to be learned here is to focus on making business decisions that are best for the real estate and operation of that real estate.

Using this strategy you will learn lessons that you can then apply to the other strategies. 

We did not do anything to the house Lessons learned?

You'll find most though, give good advice.You can learn something from everyone here, even if it's just a lesson about what NOT to do:)

Lessons learned?

Lessons learned?

Lessons learned?

I learned this lesson the hard way when I bought my first investment property off market.You need tenants who stay for many years, pay rent on schedule, and take good care of the property.