It would probably be months before the gears that have to turn within the IRS bureaucracy got to filing something like that - unless those gears have already ‘turned’ and you have been given notice of the intent to levy your property.  

As far as the reporting goes, the rental income and losses will most likely be reported on your Schedule E - speak with a tax professional who has expertise in real estate.

I would like to hire an assistant as the business is growing.  

It doesn't sound like it.

Suddenly, sites like Instagram, Facebook, LinkedIn, and YouTube became my trusted surfboards, allowing me to ride the digital waves and connect with a large network of other investors.

We can check the condo and the entire association for things like litigation, under duress, issues with HOA or reserve accounts.

If something goes wrong with the property—like debts or legal issues—your personal stuff is generally safe.

Does not mean they do not exist but it feels a bit like looking for unicorns.The more likely scenario is finding a 3/2 for $2,500 a month that bring in $5,000 a month in revenue. 

Just be careful as you do not want to do anything that could look like mortgage fraud (fake master lease that just transitions over to you directly would be mortgage fraud and best to stay away from). 

I like to purchase turnkey and use the house hack method.