Mistakes are inevitable, just trying to minimize the damage.

So, in general, is it a good idea to try to minimize passive loss carryovers?

Yes, a trust.You have to consider and establish layered asset protection, minimized tax liability, transferability (avoid probate in case of death), etc.

Where I have a problem is with inflated ARVs and minimized repairs.

I have seen agents play "merry go round" with brokerages for decades with minimal affect.

I'm thinking it's a great bargaining tool and best case scenario I may only have to do minimal repairs and worst case I have to redo the entire upstairs obviously.

I don't recall how much it was, but the cost was minimal.

Purchase price: $375,000 Cash invested: $80,000 Single family home 3 bedrooms, 2 baths with a split floorplan (read - nicer for house sharing); total renovation in 2017 (read - minimal cap ex and minimal hassle); walking distance to campus, medical centers, city center, 6th street, parks (read - not relying now shutdown public transportation or long commutes).

How would I minimize the risk being in debt.

Now if you don't plan on owning it that long, change your math :)Your furnace number is WAY off :) Minimally I would guess that should be 7k in NYC.