In other words, there's not much you can do at this point since any action you take now can be undone, and you may face additional legal civil or even criminal issues if you do try to hide anything.  

Continuous criminal activity.

What is the purpose of a credit/criminal background check?

Are criminals just targeting empty vrs?

We would do a comprehensive screening (credit, evictions, criminal) of both the student and their cosigner.

Credit report, address history, criminal history and more. the full boat.

The three reports (credit, criminal, eviction) came back to me with the data.

Failure to do so is both a criminal and civil offense.

Frankly, I think it's way more risky to put a "For Rent" sign outside a vacant rental, as this advertises to criminals that no one's home.

In the long scheme of things, this is worth more than the short term bucks you'll get from the tax deductions (which also might put you in an awkward spot should you get audited, coughing up taxes and penalties).3) While there is no statute of limitations on maintaining all records to establish the correct basis on a property (for computing depreciation currently abd eventually computing the capital gain when disposed of), I do think that you would have something of a "safe harbor" if something that you expensed improperly (or let's just say aggressively) has slipped more than 3 years into the rear view mirror, as long as there is no evidence of fraud/criminal activity or other shenanigans that would give the IRS greater leeway in dredging things up.