In short, since the rental was out of service from July 18 to present, I'd report income and expenses up until that date and then capitalize the expenses addition until it's placed back into service. 

And to keep the discussion going, I think it's also important here to mention that the funds you invest are tax deferred gains for anyone new to the topic; it has to come from an investment you recently sold (similar thought process to the 1031 Exchange).

Buyer’s presentation? 

A thought, can she 1031 the property for a better property and then put the new property in my name deferring taxes?

We'll do some deferred maintenance first to soften the blow.

When they call me back b/c current buyer asked for .10 in the inspection I’m giving a revised offer of an additional $50,000 with an inspection but no negotiation in my inspection, just yes or no.Opportunities like this generally speaking don’t just present themselves daily, weekly or even annually....

So you could 1031 into that property which would defer all tax and depreciation recapture. 

Our current home we plan to Air BnB is:10 minutes to JFK & LaGuardia Airports30 minutes to Manhattan 20 minutes to Long IslandClose to LIRR & SubwayWalk to supermarket or taxi standThanks again everyone and I will take any advice I can get according to the additional information I presented. 

Or read the presentation here.

The team leader knows what they are doing and you'll have the ability to work open houses, help out on active transactions, be present at inspections etc.