@Joel SchanbacherThis appears to be a tricky question because this doesn't happen to often.I would do the following if I was working on it.I would report one activity on Schedule E for the property that you have listed.Report the income/expense items ONLY when the property was listed as a rental property.In regards to depreciation - I would list the asset during the year that it was a rental property and then I would "retire it".

Good evening everyone, I own a new brokerage in Boston MA  and have been trying to expand my rental team (huge business in rentals around here) more actively in the past few months.

First of all, it is Hemp, (not Cannabis), Hemp does not have the psycho-active ingredients that get you 'high'.   

I've been on this site since August 2015 but had the feeling I was too young at the time, as well as not being close to feeling I had the knowledge or money to be active on the forums or to start investing.

Just think of what this business would look like if EVERYONE that started in the business is in it and active!

He's finding more properties than I can get qualified to purchase.If you're looking for commercial (5+ units) @Nathan Holsather is a good bet as well.If you're looking for someone who does value-add residential, @Jordan Moorhead is both a rehabber and an agent.

The offer sounds tempting since  the group has to finance about 3M$ (the rest comes from a bank with a low interest) and the building is bought about 1.5M below value, so when we sell we should expect a 50% return when selling which should be 3 years from now.The thing that bugs me is the way the building value was evaluated, i am copying a section from the presentation:"Market activity has shown similar properties consistently trading in the 4.75-5.25% cap range (refer to “Comparables” slide for specifics).

Doesn't seem to be much activity. 

Would a HML be my best bet on this property .......... as i may have a better chance for being approved to do most of the repairs , as well as Having the best chance of getting a loan for the property?

The conventional may be my best bet, but I do have my house that I can work with.