Thank you for the fast reply! Explanation of the LLC and K1. It's a group of multiple investors that jointly own a rental property. I invested via a LLC (single membership) into this group-owned property. I assume it is still Schedule E then. Thank you for the detailed answer!
Follow up question: Made investments into the property (self-managed) that exceed income by approx 5x. Can I write off those expenses over 5 years?
