In subsequent years, only new assets or depreciable improvements to existing assets are reported on a new Form 4562After you finish Form 8825, follow the directions on line 21 to transfer your net rental income (loss) to Form 1065.  

I’m excited to learn more on each subsequent one!

With this question unanswered, why are investors (and I've see a lot of the same ones purchasing Condos in this situation on multiple occasions, so I have to assume they are professionals) purchasing these Condos when they know they can't get clear title, and could subsequently be joined as a party to the 1st Trust Lender's foreclosure on the property?

Typically they require an initial deposit and then subsequent payments along the way, and most construction loans only disburse when the items are on-site/installed.

I would leverage this learning on subsequent acquisitions. 

We let this slide but we expect the full size patio with no additional charge.

However my inspections showed that the sliding doors were failing and given we are in a beach setting would cost me a total of $16,000 to replace both doors if I wanted them to be hurricane compliant and in code. 

For subsequent deals, I would already be established.

That slide deck is awesome!

Yeah Jerry here a tax lien holder has to pay all subsequent taxes and eventually foreclose if he/she wants to protect their position.