I have my residents clean under these items frequently too.  

It's not perfect and can skewed by any large income or expense items that happens to fall into one of those months, but it can give you a general idea.

Once the in-service date comes, you start depreciating $120k.The trick is that parts of the $120k should be allocated to different items: land, appliances etc. - resulting in different methods of depreciation.

I would send a notice to the tenant with the following:- Reminder of guest policy in the rental agreement- Request to remove/move the trashy items in the next two weeks. 

These items are enough to make an entire deal go upside down.

@Jacob MendrinThe other thing to keep in mind is you are required within 21 days of the end of Tenancy to provide an itemized list of deductions.

Also, depreciation on a rental is always reported as a passive item for rental activity unless you can convert passive rental into a non-passive by qualifying are a real estate professional. 

Critical items may be totally different- regulations, taxes, jargon, lending rates, etc etc. 

In a S-corp, you have to allocate income/loss items and distribution based on ownership %. 

Determining the basis, which may include improvements, among other items, will impact your depreciation expense for years, so it's important to get right the first time.Hope this helps!