Well you can already deduct any expense related to your rentals on your schedule E.

The HOI calculation is a bit high but that is better than under estimating.I would also buy the homes all this year becasue if you buy some this year and some next year, depending on the time of year you'll need to show your schedule E income and that will be a totally different calculation. 

I have been scheduling for roofers to come over and look at it last week.

On one note, we were a week from the scheduled trustee's sale and I got calls from 3 different investors who claimed to be working with the borrowers.  

Most small contractors need to get paid after completing a certain task, this being said.I usually set a Schedule of Values and line itemize everything ahead of time.

Did you include your investment property on your schedule E and if you did did you claim a loss?

I'm going to schedule a meeting with our CPA (who also happens to own a mortgage company) to figure out the best course of action.I'm just glad that we only have to pay taxes on the difference between what is was worth when we inherited it and what we sell it for.

Finally 12 days after scheduled closing the deed was in hand and we closed this week.

I've bought homes that cheap too.  The

I filed my 2013 personal taxes and assumed that I could just use Schedule E for the real estate activity.