I assume you can produce receipts for the water mitigation and drywall replacement.

I'm a rental scenario you get to take depreciation on the building, taking a small slice each year.If you start buying rentals and they produce losses, unless they qualify to be grouped with your retail activity, likely they'll be considered passive losses that you''ll be unable to use against your active retail income.In the end if you payed that much in tax, likely you made a respectable chunk of money (assuming all your expenses were correctly picked up), and the tax just comes due.

“If we have a show that’s going to be a huge hit, you pitch to Netflix or HBO,” a famous producer told New York magazine.

We all need to take responsibility by not feeding the misinformation machine, well-intentioned or otherwise.You are correct that a direct lending arrangement will not produce UDFI, but will the net returns to the IRA be as good as a leveraged investment?  

I can produce my LLC & EIN but won’t show much Financial movement besides expenses for home repair on another property I have. 

Which may produce a more favorable result than the DMSH...it's fact specific.Agree with Carl, it's probably best to work with your CPA, or get one if you have the economies of scale. 

@Christian Johnston I also have to add, you closed on that property 30 days ago, and you already have all you unit's rented, your AirBnB set up and producing that income already.

If they are income producing assets, you are right.  

Moreover, one of the best leading indicators of market activity, pending sales, suggest that July 2020 will produce strong sales numbers.

What you should focus on, along with the repairs, is can you drive the rents up to a point that will produce the value where you need it to be.