Here is the e-mail sent to me by my agent on Monday letting us know the details.

@Amine E. 

I have 1 year to pull the trigger on a property as I want my sibling to be able to live where she can work, learn to manage R/E,  be in a location that is in close proximity to the university where she plans on attending her 3rd and 4th years of higher eucation.

@Rhonda E. - The roomate hasn't signed the actual lease that I signed, though he may have in the past since he lived next door for 8+ years.  

About to dive into the e-book you had suggested.

I dropped my R E Lic.    

Schedule A for your primary residence, and Schedule E for your rental.

E's and depreciation schedules (form 4562, I think) from the seller (or the equivalent forms if it's a partnership or corporate return).

(You might have better luck at the casino.)- You need a solid ARV and a solid REPAIR COSTS:   i.e. 

HI Brad,Noticed you were local down the street.In regards to your scenario above I'll write the notes on what you've mentioned above:- you may have negative cash flow but that does not mean you have an accounting loss since only interest is deducted on the Schedule E of your personal returns or other tax returns so it depends.