DefaultSouth Carolina offers fewer formal protections to buyers under land contracts than the laws of many other states.

Also, in the future have all your tenants sign a mold addendum which definitely protects you prior to such issues.I would force them out by giving them a proper notice from your LEASE terms, for example I can get my property back with a 60 day notice period- which is the proper notice time by law here in Georgia.  

Rental income is shown on sch.E which is not subject to social security taxes (like FICA) but all the other taxes.When you're renting property vs owning, you can't depreciate it but your rent payments are totally tax deductible (vs only interest on mortgage is).Insurance: you'll have to get Tenant or renter insurance which protects the property and your liability if someone slips and falls, set building on fire etc. this is not your professional insurance - just regular insurance you have for your home.I don't see how kind of entity will affect the taxes: if it's just you the owner, LLC will be disregarded entity and shown on your own taxes, only on different schedules.

You can protect your profit without disclosing the amount by double closing. 

The listing was public on the MLS.

Is the source pulling a Goldman Sachs, whereby they tell their investors one thing but tell the public the exact opposite?  

Remember not just any LLC will protect you the same as another LLC.

We have it set on income driven repayment on the 10 year plan where it is forgiven for public service since she is a teacher.

This way I get LLC asset protection and because the business is "passive" real estate (rentals) I need not pay salaries and self employment taxes.  

It's unfortunate that you were mislead with the taxes but that information is public info that can easily be ascertained.