You can delete all the info you entered in the Rental sections under Property Profile or Assets/Depreciation.
If you have entered all income/expenses on Schedule E, make note of your net out. Most rental properties have a loss each year, which the IRS doesn't question, and reduces their other taxable income. One issue with vacation rental expenses is that users enter a number of 'personal days' which can limit depreciation. Unless you actually use the place yourself as a vacation spot (not just fixing up stuff), enter 0 for personal days.
In Schedule C, you will enter your property as an Asset, report all your income and expenses, and pay Self-Employment Tax. The IRS expects your Business to show a profit in average of two out of five years.
Compare your tax situation with both scenarios. Just because you can report vacation rentals on a Schedule C doesn't necessarily mean you should. Many people report their vacation rentals on Schedule E.
Here's some info on 10 Tips for Airbnb, HomeAway Rentals and more discussion on Vacation Rentals on Sch E or Sch C?
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