Assuming your numbers are well researched and not based on zillow or any other website and assuming it is a C or better neighborhood then it looks good to me. 

Even if you want to bet on residential real estate right now, I believe the public markets present a much better discount.

Would these additional items, if they exist, go on sched A, c, or E?

If so, does it matter if I use Schedule C or D?

In the even that they do maintain a strike and put this landlord out of business, you can bet on the fact that the landlord or his successor will retaliate by suing each and every one of them for all unpaid moneys, bankrupting all of them, and evicting all of them in the end.

Do not close, do not extend, there will be TONS of deals on the backside of COVID-19.

Reserves are for when major issues, such as an a/c or water heater go out.

Unless you filed Form 8832 or Form 2553 to elect C or S Corp status for the SMLLC, it is taxed as a disregarded entity.You don't have a corporation for tax purposes.Generally, gain or loss is recognized on sale or disposal of the assets (as Michael already noted), the character of which may be capital or 1231 for rentals.Putting money into or taking money out of the SMLLC's bank accounts is not a taxable transaction.If you are uncomfortable with these dynamics you may want to work with a professional.

If you want a low C or D (war zone) location, then yes, this is possible.

But the way you see it, man come visit me in Vegas, i like to watch people gamble like cray cray  do you get upset at craps table when people bet on the don'ts?