Some people will learn and do some deals on their own... cool too (I believe in paying it forward and universal Karma), some will want to know more and buy training... cool... and others will bring me deals that we can JV on... coolest :)So anyway, I know BP isn't huge on promoting URL's and stuff like that but shoot me a message here or on FB and I'll send you some info.

@Clarke Wegener, if a taxpayer is a real estate professional for tax purposes, rental real estate losses are no longer per se passive.  

Some properties might be purposefully overpriced in slower parts of the market so that they work their way down in price.

Comes in handy for due diligence purposes like in your case or when a perspective tenant asks "how much do the utilities usually run". 

I don't have a link handy, but I know there's a list of average lifespans for CapEx somewhere, and I believe, for investors purposes, the average lifespan is 8 years for carpet.If the carpet was in great condition on move in from the tenants, and they were there less than a year, you may be able to charge them a percentage, but I wouldn't hold my breath on that.

INSPECTIONSIn the standard California Association of Realtors lease that most CA landlords use,  there is a clause that allows for entry w/ 24 hour notification, including to inspect the unit for maintenance purposes.

Tax purposes correct?

Having the license does not allow you to deduct any more than the cost of the license as long as it has a business purpose in your other activities.

one thing to remember is your not going to be living in the house,, so it would no longer qualify for tax purposes as homestead so you property tax base will more than likely increase so this is another item to consider as a cost if you keep the house as a rental. 

It will still be treated as a pass through entity for tax purposes.