May be time to retain legal counsel and schedule a one(two?)

Understand the payment schedule and ensure it aligns with your financial situation. 

Coordinating contractors and maintaining the project schedule were key hurdles.

This sounds like it would allow me to file an LLC, report on Schedule C, and then have my inevitable losses start to offset my W-2 income.

Coordinating contractors and maintaining the project schedule were key hurdles.

I’m the meantime I was able to find a new tenant who has paid the security deposit, first month rent, and has scheduled utilities to be transferred to their name but no lease has been signed yet.

Coordinating contractors and maintaining the project schedule were key hurdles.

I wonder what the depreciation schedule for Connecticut will look like then.

Check with CPA but furniture has its own depreciation schedule (7 years I believe).Ultimately I would check with your CPA to see if it is even worthwhile, and your lender to see if it is even possible.  

So, for me if I was setting up shop here is my schedule of fee's for managing.D F Class basically asset management my folks need to be armed to do their job.