thanks If you bought it vacant, then many of the expenses may have in fact been acquisition costs to be added to basis or depreciated separately. 100% bonus depreciation was available on certain improvements or items PURCHASED AND PLACED IN SERVICE after 9/27/17.The 750 have to be in Development or redevelopment, Construction or reconstruction, acquisition or conversion, rental, management or operation, leasing, brokerage.

Consider the cost of the property, mortgage payments, property taxes, insurance, maintenance, and property management fees (if applicable).

(free application fee, move in gift, etc.)There are lots of great ways to promote your rental. 

Think of it like the escrows you likely pay your mortgage servicer for Insurance and Taxes, or your estimated taxes to IRS.  

Open a new application with an actual lender that isn't going to charge 12k in origination fees. 4.5% origination on this deal is insane, the broker / lender are ripping you.If you take this to another lender as is (not great credit, no experience, light rehab amount) you would likely get denied again. 

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

You have 12 months from death of reverse borrower or you need to write to servicer of the loan for an extension which gets you 24 months. 

Also, the agreement specifies that if I buy a property through his service I'll be paying 3% commission in case the sellers broker doesn't split fees.

How much of that income will the mortgage companies allow you to use as income on the loan application?  

I think the best and easiest way to get started is to use a servicing company.