The LLC, to the extent you have taxable income, will create a double taxation problem for you in Canada because, as you indicated, the CRA does not recognize the pass-through election you would make in the US for the entity.

It should be a current  expense of the 481(a) adjustment recognizing the total amount of missed depreciation in 2024 you should have an extra $36,360 as a 481(a) adjustment in 2024; and then your 2024 depreciation amount should reflect the correct current year amount. 4.

. §301.6109-1(h)(1).If an LLC treated as a disregarded entity is later recognized as a separate entity for federal tax purposes and it has an existing EIN, it continues to use that EIN.

Ive been asked numerous times by folks if I could act as their GC for build-to-rent/build-to-sell properties.- How would this work from a lending perspective?

Courts in many states have not fully tested or upheld the liability protections of Series LLCs, and some jurisdictions do not recognize them at all.Key Issues with a Series LLC for Rental Properties:🚫 Not universally recognized – Some states do not respect the liability separation between series, making enforcement uncertain.🚫 Piercing the veil risk – If formalities aren’t followed precisely, a court could collapse the series into one entity.🚫 “Common enterprise” concerns – If a single management LLC collects rent, signs leases, and maintains properties for all series, a court could argue there’s a shared enterprise, which might allow a plaintiff to target all series under one lawsuit.Better Alternative for Asset ProtectionA stronger structure that provides better legal separation and lawsuit protection is:1️⃣ Each property in a separate traditional LLC – This ensures clear separation and prevents legal issues with the Series LLC’s untested structure.2️⃣ Asset Management Limited Partnership (AMLP) – The LLCs should be owned by an AMLP, which acts as a liability firewall against creditors and judgments.3️⃣ A Bridge Trust® for maximum protection – If a major lawsuit occurs, the AMLP can be held by a Bridge Trust®, allowing assets to move offshore if needed.4️⃣ An operating LLC to handle management – Keeping rent collection and property management separate from ownership limits liability exposure.Why This Works Better:✔ Legally tested – Traditional LLCs have clear case law backing their liability protections.✔ No “common enterprise” risk – Since the AMLP, LLCs, and operating entity are legally distinct, it’s harder for a court to collapse them into one entity.✔ Protection beyond LLCs – If a major lawsuit occurs, the Bridge Trust® moves ownership offshore, making it extremely difficult for creditors to seize assets.Final Takeaway:A Series LLC has too many uncertainties for serious asset protection.

She is well established and is recognized as one of the top investors and brokers here in the Indianapolis market. 

And yes, we recognize that our rehab decisions may not have been ideal - our initial intent was to sell the home, and not rent - so we kindly ask for constructive advice only. 

Quote from @Bonnie Low: Talk to @Allen Duan - he manages numerous MTRs in the Las Vegas area and knows it very well. 

Real Estate Professional status is explicitly not recognized by California, among many other beneficial tax rules that exist on the Federal level.

I’ve put in numerous offers but always outbid.