I have a little more information as we now have the broker's valuation report. 

In comparison, the cost for the paint and carpet and everything else was probably under $5,000.I have also heard that some turnkeys do not provide an independent inspection report or allow the property to be inspected.

View report*This link comes directly from our calculators, based on information input by the member who posted.

Providing things mentioned does not trigger this.I do know that if you don't offer substantial services it is pretty much passive income that is reported on Schedule E.I'm curious to see what other say about this, but I'm sure most people do not fall into this category.

Surprisingly the repairs that came up as part of tenants complaints were not related to any of the things called out in the inspection report.

I would put no trespassing signs, install an alarm system (you can get a wireless cellular one like Simplisafe for $300) and report any breakins to the police as a break-in as well.

Account ClosedThere are normally two ways for more than one individual to own property1) Tenants in common2) Entity owns the title and there is paperwork that indicates that you both are owners of the company(LLC, LP, GP, Corp, etc)You need to report income if you are receiving rental income(regardless or how ownership is held). 

Pay attention to the inspection report and see the appliance age & condition.

What are some websites/services that allow you to plug in specific characteristics of desired properties (for example, "I want to see a list of all properties in ______ area that are only 3 bed, 2 bath, 1000-1200 sq ft and owned by LLCs) and you are given a report of those properties. 

@Kristopher KellyGoing forward, you will need to report the rental income on your Federal return + Delaware non-resident return.Just because you have $300 of cash-flow a month, hopefully you don't have to pay taxes on it with depreciation.Talk to your CPA.