For the sake of the majority of investors- I hope you're correct and it ends up being a no questions asked deduction for the ordinary rental owner with a few single family properties.

So, does that mean that rental income will be classified as ordinary income too (vs investment income which is taxed at a lower rate)?

An attorney licensed in this state who negotiates mortgage banking loans or mortgage loans in the ordinary course of business, unless the business of negotiating mortgage banking loans or mortgage loans constitutes substantially all of the attorney’s professional activity.

Typically within the three wealth buckets: Portfolio (stocks), Passive (passive real estate, private equity, etc), Ordinary (W2, commission, etc.) 

The Tenant can "want it back" until the cows come home but she is ultimately responsible for returning it in the same condition, minus ordinary wear-and-tear.I suspect you are letting your feelings get in the way instead of running it like a business.

They will hit you with a unrelated business income tax (ubit).Furthermore, you will never pay capital gains said proceeds, since all your money will be taxes as ordinary income when you take it out.

There is no distinction between some of the $ that is pretax and some that is after tax.2: If you leave your job or get fired, you have 60 days to pay it all back otherwise IRS views it as a taxable event as slaps you with ordinary income tax on all of it plus a 10% penalty for early withdrawal.

Misrepresentation/omission.Actions constituting misrepresentation or omission, or both, include: Using "bait and switch" tactics by advertising or offering real property for sale or rent with the intent not to sell or rent at the price or terms advertised, unless the advertisement or offer clearly states that the property advertised is limited in specific quantity or for a specified time period and the licensee did in fact have at least that quantity for sale or rent at that price or terms at the time of advertising;Failure by a licensee representing a seller or landlord as a standard agent to disclose in a timely manner to a prospective purchaser or tenant all material adverse facts pertaining to the physical condition of the property which are actually known by the licensee;Failing as a licensee to tender promptly to the buyer and seller every written offer, every written counteroffer, and every written rejection to purchase, option or lease obtained on the property involved;Failure by a licensee acting as an agent to disclose in a timely manner to the licensee's client all material facts related to the property or concerning the transaction when the failure to so disclose would constitute failure by the licensee to exercise ordinary care as defined in the brokerage agreement; I guess it  varies from region to region, but I figured things like this would be standard.

If I saw anything out of the ordinary, I would go to more frequent inspections

The good news is we have $6k in the bank, and quite a large credit line available.The home were renting is of little value, there are multiple problems she's refused to fix, like electrical issues, holes in the rotting floor, broken deck-patio.