This should all be included in closing documents..Owner give you copy of lease, addendums,  the amount of security deposit plus interest is paid to you within the closing fee's.. any rent is prorated to day of closing and is factored in closing fee's.  

Are you including every expense you'd see as a land lord in the $1023/mo ?

I've managed several properties that didn't have separate meters and typically I use the "all utilities included except internet and cable" as a major selling point for tenants.

Add a cast iron or aluminum fence around the pool for safety and charge rent high enough to include a pool company to maintain...maybe, I do not have a rental with a pool (above is our pool) but I could see it being quite a plus if safe and easy for tenants.

However, as you'll see in this rather dry IRS publication https://www.irs.gov/publications/p590b/ch02.html, you can avoid this 10% tax if you use the amount over your contribution for qualified exception, including the purchase of a first home. 

@Andrew Postell What is the typical criteria for them to include the rental income of the next property?

Also don't fall for the I do it in volume pitch... that is not real.. all contractors have contractor prices at the home depo myself included.. you get some discount but nothing over the top that allows a 25k rehab to be 15k  etc.

., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)

@Christopher Smith, can the acquisition fees (trip to buy properties, closing cost, etc..) be included into the depreciation tax deduction?

Long term partnerships tend to get messy include the one next to you, but a good communication between partners always helps!