You likely only made a down payment of 3-20% ....but you still get to write it off on the full value across 27.5 years.So 400k/27.5 = 14,000 ish a year of a write off where during the year you didn't need to incur an actual expense, no cash outflow. 

Quote from @Braeden Warg: The right way to do it is to contact the city and ask them.

Here is a presentation I made describing the benefit of doing such vs a regular investment.

Earlier this month, Lemonade was still quoting renters.Has the tenant tried getting it from the same company they insure their car with? 

Do I have to disclose the sale to the property owner?

You can learn to do this independently or get a rockstar REALTOR to lead the way.

It doesn't mean they are a skilled manager.You should do your own research. 

It will familiarize you with the basic terminology and benefits.

Sit down and hash out every detail and put it in writing.

To record it as December, you would have to back date it and the bank reconcilation would be off.