@CL Tumlin ,Depreciation as @Dave T said will be prorated for the number of days in the year.Unless you initially segregated out the costs upon purchase between the individual components of the home you will continue to depreciate it over 27.5 years.

But the catch to this was that for the first 15 days the property was listed, they were only offering it to owner occupants, after the initial 15 day period, anybody could buy it and do whatever they want with it. i'm not sure the reason, i would assume to give owner occupants the chance to buy it before investors?

I was trying to keep my initial post concise, but realize now based on some of the questions and suggestions that I ought to have provided the backstory: I called the listing brokerage on this place a few weeks ago when it came back on the market.

I think this was escrow's fault for not verifying.

The other glaring omission in my opinion in the initial list is international real estate.

Hello, if I start my own construction company, am I able to sub out the whole scope of work to a different non-licensed company (llc) as long as I get permits and verify work?

Which will add to the liens.My initial exit strategy was to assign this property over to another investor.

In this market, if the payments are made in a timely fashion the odds of that lender initiating a call are precisely zero.

The security deposit is only $200, which I think is typical for the area/type of home (I need to verify this).

It is (real estate) initially what drew me into the investing field in the first place.