At that point you would have three items 1) your adjusted basis 2) your depreciation recapture (25% tax IIRC) 3) your gain (taxed at 15-20% IIRC).Your basis throughout the years will change as you decrease it by taking depreciation, and increase it when you perform improvements which will then be depreciated.

I'm netting a very small profit, better than a loss I suppose!

@Colleen F.has posted some items to consider with respect to consideration for the occupants. 

Loss of Jobs applying the expected downwards pressure while the destruction of over 2400 structures by the fire in 2016 has resulted in a building boom that will continue into the rest of this year.Almost half of my workforce never returned after the fire when the entire city was evacuated.

Each year, after I purchase a property, I have to re-look up how to treat the various items from the HUD-1 (closing statement) when preparing my Schedule E.

Words cant describe how profound the loss was for me then and now.

If we lost $10,000 we would split that loss. 

QuickBooks Pro has a Fixed Asset Items List, which allows you to enter in everything you want to know about your rental property.QuickBooks has been around a long time, is in the stores just about everywhere, and is sold at reasonable price, plus it grows with you.Nancy Neville

These items are what keeping me from using it exclusively on my iPhone.

My lender says that I should keep $5k on hand for other closing items...second appraisals and such.