Schedule E or C?

I have a friend who rents out a house and does everything - she makes decisions on which tenants to approve, manages repairs and maintenance, collects rents, pays insurance, and pays property tax. (The property does not have a mortgage.) She, of course, takes all profits as well. The only thing that makes this situation a bit non-traditional is that she does not own the home. Her parents own the home. She will inherit the property when they pass, however the parents are both very healthy for their age (74 and 76) and death (hopefully!) is nowhere close.

The parents (owners) don't pay for anything of the house, nor do they receive any rent from the house. My friend does all that. So what should she report this income as? On Schedule E? Or Schedule C? She would not be able to take any depreciation, correct?