Of course, I swear they often champion the least favourable one {to us} over the other - depending on whose paying for the appraisal and for what purpose.

If the only thing you have is $1k cash a month, it makes sense to me to think about a marketing campaign for the purpose of wholesaling some properties to generate cash for the buy and holds.

I say college classes as in that environment there are no pitches, no biased promotions of some strategy and the material would be applicable to the entire industry and all facets rather than one sliver of the topic.

You must (and should) depreciate investment property whether or not you are actually able to take advantage of the deduction for income tax purposes because you will be subject to depreciation recapture tax as part of the gain calculation whether you took a deduction for depreciation or not. 

I am interested in rental properties for the purpose of passive income.

AN LLC is irrelevant for tax purposes.

If it is a true investment property, do everything with a clear financial purpose.

In that case, I do not see a purpose in accepting the colleague request.

That may be an excuse given by your bank in your application, but that's pretty much on the applicant.There is so much bad information all over this site and others, usually given under some business agenda, or rivalry between posters or just unknowing souls that much of it becomes skewed in the minds of those trying to learn and the purpose of the site fails.Is it possible to sell a property at a premium?

If the underwriter doesn't see it on your credit then they do not know it exists for loan purposes.