The #1 reason that Landlords fail, according to the American Apartment Owners' Association, is the landlord's failure to manage to the lease.  

You have not added to much difficulty in terms of tax preparation, but in terms of tax record keeping you definitely have.I am not a tax professional, but having been a landlord who has tried(and failed) in my own tax situation, I would love to help point you in the right direction.Being your first year, it is all but a certainty that you have taken a loss.

Yes, I have a written agreement, bank records, plus phone records & email and text threads showing he routinely failed the SLAs outlined in the contract. 

Also, the contract that I signed failed to specify that the 1980’s house that I want isn’t a brand new house, so I’m glad that you pointed that out.

Quote from @Carson Hyland: Even if you buy the right property, failing to manage it well will kill your cash flow. 

Later on people heard him saying that he wanted to kill himself due to all the failed deals.

Form 3115 allows you to restore the fairness in this situation and "catch up" with the remaining $30k of depreciation that you failed to take in the years past.

That's it.... if you truly dont care about impressing or failing other people, you'll be happy and successful.

If you fail to follow the rules, you may open your personal assets to a lawsuit.

We've had one cabin that has failed to pay a single assessment since the inception of the HOA one year ago and has wracked up $1750 in late fees.