A single member LLC is a disregarded entity for IRS purposes. You should not have a K-1 associated with a single member LLC that owns a rental property where you are the single member.
The revenue and expenses and depreciation of the two rentals should be reported on Schedule E.
The biggest error I see is taxpayer does not set up the rental property as an asset in the Rentals TurboTax interview in the first year of ownership and begin to correctly depreciate the rental property.
The land value cannot be depreciated; only the value of the structure or improvements.
