The value of the house as is, without improvements is 270k, so that means there is at least 230000 k of Equity in the home.

I think doing something similar to you ie 500 K liability & 2 Mil umbrella would have been better.

Probably have ran out of statute of limitations so the banks are noting the deficiency as a gain for you.

The value of the house as is, without improvements is 270k, so that means there is at least  230000 k of Equity in the home.

The end of last year I agreed to purchase a property out of the area for 30 K. 

The 8825 will be the bulk of what generates the K-1 that passes through to your 1040.I've been filing my own LLC returns for 11 years and have never done a Sch E with those assets.  

Typically the entity is setup as a LLC and investors are members of the LLC and receive a K-1 at the end of the year.

Quote from @Kristi K.: Quote from @Tate Shadbourne: Hello!

I am a moderate person in all my approaches, so I just run 4x per week at 5 k each (restarted in Feb after 2 years off), eat fries/ice-cream/original sin foods only 1x each week, and eat mostly middle-east home cooked diet.

Quote from @Jon K.: Quote from @Lilly Fang: I just started buying off-market properties for BRRR for myself.