There are reasons not to hold real property in an S corp, and especially Rental property. Now you have "investment" property in the S corp, which isn't even generating Income? Something you are not using, but holding, would not keep depreciating, if held as an investment (example: art work). Depreciation is in consideration as a value for tax expense (not capital gain/loss) for wear and tear over time as loss of value to that property.

This is all very confusing. Could you give more details?