Your transparency shows that accidents happen to even some of the most careful or prepared people as well as the unprepared. 

What should I be prepared for?

Good news everyone, the $500 de minimis safe harbor limit was increased to $2,500 for taxpayers who place property in service, that are NOT required to produce an audited financial statement(applicable finance statement).Effective for January 1st 2016 they are adjusting audit procedures to ignore items below this threshold provided provided you have a receipt.This means you will not have to depreciable items below this threshold as long as you elect that safe harbor.Of course it was released this morning, after I prepared for my presentation this evening.This represents HUGE $$$ savings and time savings.IRS Notice Notice 2015-82This Notice is effective for costs incurred during taxable years beginning on or after January 1, 2016.

But be prepared to demonstrate that if you do rent it for less.

You can still make money, but be prepared for everything that potentially comes with that type of neighborhood- higher turnover, poor tenants, higher repair costs between tenants, etc.Out of curiosity, what did the BP calculator give you for a return compared to the seller's 22%?

However advice and comments from the internet can help you understand the law and better prepare you for a meeting with a legal professional. 

—For purposes of this subsection, a person ‘assists a consumer in obtaining or applying to obtain a residential mortgage loan’ by, among other things, advising on residential mortgage loan terms (including rates, fees, and other costs), preparing residential mortgage loan packages, or collecting information on behalf of the consumer with regard to a residential mortgage loan. ‘‘(5) RESIDENTIAL MORTGAGE LOAN.

Hello @Edgar Ferrari I am doing some of the same research now as I prepare to build in Gwinnett this year.

One area I may look at for preparation to speak with an attorney is the Uniform Fraudulent Transfer Act.

Let me discuss with a tax preparer and see if this or the 1031 would be better for us.