Does the company provide E & O?

A follow up on this: do you all have mentors that you go to before making big R/E decisions? 

Quote from @Scott E.: Great topic.

Fast-forward one month to today, I still have heard no word from Philadelphia L&I (even after calling/e-mailing) and I'm ready to start renting it out, but one problem:"The Philadelphia Property Maintenance Code (Section PM-102.6.4) requires an owner offering residential property for rent to provide the following to the tenant at the inception of each tenancy:A Certificate of Rental Suitability issued by the Department of Licenses and Inspections no more than sixty (60) days prior to the inception of the tenancy.A copy of the “City of Philadelphia Partners for Good Housing” brochure issued by the Department of Licenses and Inspections....."

If the rental is passive, you can probably muddle through Schedule E on your own.

Also IRS may not allow to convert the passive income to the Active income just transferring the rental Income from Schedule E to Schedule C, you'd better to have a LLC as the management.

@Randall E CollinsI would first speak with an SEC attorney specializing in real estate syndications.

I got my tax return, schedule E and my property due to depreciation, took a loss.

@Kent SmithYour CPA is wrong - you can deduct operating expenses against rental income to get to zero.If you have a net loss after this, that loss is NOT deductible and will be carried forward.Review Schedule E and it will clarify how this all works.Schedule E go to IRS site and take a look and also review instructions.Good luck.Arm

The same CPA told us since only my husband and I owned the LLC, we should file Schedule E on our tax return.