It's a great way to gain experience with rentals, obtain some Schedule E income to show future lenders, and benefit from the loan pay-down & appreciation even if your cash flow is negligible.If this is your first, you could also face financing challenges related to not having Schedule E income in your history.

This was reported to the IRS on my Schedule E for that year. 

Even with some HELOCs or small 2nd trusts where no policy is requested, there will still be an O&E provided by title.For refis it is typically the lender that chooses the title company... and yes, the title company should obtain a written payoff from the attorney/creditor.

Right on E.

https://www.zillow.com/homedetails/410-410-412-E-Baltimore-412-St-Taneytown-MD-21787/2083419432_zpid/Would anyone be willing to give us counsel on this property? 

I sent her a last ditch e-mail today.

Each person puts their 50% on their sch E on their 1040. 

For rentals we prep the excel spreadsheet to look like a Scheduler's E for each & every property.Complete with a breakdown, off to the side, of all receipts & or capital expenditures.

., east of E. 152nd) or maybe Old Brooklyn if you're lucky.

There's a free e-book from BP that you should read.