What @Ashish Acharya nailed as the issue is that the contribution of that property after the exchange into a disregarded LLC (one member - your tax return and doesn't file it's own tax return) is perfectly fine.  

I’ll reiterate a few things and throw in my two cents in hopes that our responses collectively will help you nail down the best approach for your specific situation.  

@Anthony Wick@Linda Weygant hit the nail with the answer.The partnership will report the income to the partner managing the partnership as a guaranteed payment. 

Paying late, but paying, is a nail-biting relationship for sure. 

Look for properties in this area to understand pricing, and just as importantly, start to nail down rent values.

@Jerel Ehlert thanks for the insight that pretty much nails this down then and I have a full understanding thanks for the heads up it is actually a relief in knowing that I can just go on a month to month even though they marked those out and still exercise terminating the lease with the tenant upon notice.

I always install nail down wood or tile under cabinets. 

@Chris GrenzigIn addition to vinyl plank mentioned in the posts above, I have clients who will finish (polish) a concrete slab and use it as interior flooring.

If it is it sounds like this is the time that you really nail down the numbers and decide if its really worth pursuing.

I can nail the lathe to the rafters whereas you cant guarantee the tin will be screwed to the rafters without them.