So I get the trying to protect those investors but one size does not fit all.I read through a few articles on this proposed law since posting this and just don’t see this as a benefit for those of us who finally got into this space and have begun building up our portfolios.

I disagree that you can't find cash flowing deals, and honestly if you plan it to be your primary residence you get the benefit of incredible interest rates while you house hack! 

@Graham Kuzek as others noted, whether you claim the benefit of depreciation or not, you are obligated to report depreciation recapture.

Good lenders will not be ultra low, we need to mitigate risk which can benefit you from getting involved in a bad deal

-Landlords say they're still waiting on more than $12M in rent relief-D.C. may benefit from Biden Administration’s Push for Cities to Get Serious About Homelessness-Single-family rents see biggest jump since 2005.

Personally I'd like to buy the property before anything else as while the cashflow is nice, you are not benefitting in other ways such as appreciation and depreciation.  

A clause holding seller responsible for all damages, including attorneys fees, related to removing the seller from the house.Now you may still get all of those things in a court of law; a person cannot sell their house, benefit from the proceeds, and then squat on the property (even in California!).

I think time is the biggest benefit on an investor's side, so I want to take action and get on to the next one. 

We own our primary residence, have always taken the standard tax deduction, have 4 children, one graduating high school this year, have never owned a business, don’t know what could possibly be written off or what needs to be saved throughout the process, and would prefer to have a cpa and attorney assist with the set up of an LLC to ensure we’re getting the most tax benefits and asset liability protection as well. 

Hi @Joseph DoddsIt would benefit you to speak with a local lender or a mortgage broker that can make this happen.